Chief Executive Officer (CEO) of Consumetrics Mr Muyiwa Ayojimi has urged Central Bank of Nigeria (CBN) to ensure effective regulation and supervision of loan sharks in the country.
Ayojimi, who spoke at a briefing in Lagos, said this could be done in collaboration with NCC to protect privacy of consumers.
He hailed interventions by Federal Competition and Consumer Protection Commission ( FCCPC) to rein in loan sharks.
In bid to nip this in the bud and address related issues in the sector, the organisation scheduled its maiden advisory series with the theme: ‘Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection in Nigeria Digital Economy’.
Ayojimi said: ” That more Nigerians can now access easy and quick credit through digital lenders is commendable. The growing number of loan sharks suggests a considerable credit market, which, therefore, calls for a restructuring that centres around balancing credit access with consumer protection.”
He said the resort to publicly shaming debtors was traumatic for them and could lead to life threatening decisions.
Borrowers and lenders both have specific obligations to fulfill before and after consummating a loan facility in line with globally acceptable guidelines on Financial Consumer Protection.
On his part, Mr Wale Adekola talked extensively about what inspired their Advisory series, training opportunities, ratings across different sectors, debt recovery, fraud, interest rates as well as tracking online transactions as well as maintaining standards.
Some of the Panelists to lead discussions at the Sessions include Mr Babatunde Irukera, The Executive Vice Chairman/ CEO, FCCPC, Dr Jamelaah Sharieff- Ayedun, MD Credit Registry, Mr Afolabi Solebo, GM LASCOPA and Mr Fola Ajimisinmi , Executive Director WEMABANK.