Money Lenders Rally Behind FCCPC In Crackdown On Digital Lending Violations

Money Lenders Rally Behind FCCPC In Crackdown On Digital Lending Violations

In a resounding show of support, the Money Lenders Association (MLA) has thrown its unequivocal backing behind the Federal Competition and Consumer Protection Commission (FCCPC) in its crackdown on digital lending violations in Nigeria….READ ALSO

The Ag Vice-Chairman of the FCCPC, in a statement on February 5, 2024, underscored the need for stringent enforcement actions against Digital Money Lenders (DMLs) following flagrant breaches of inter-agency joint task force guidelines.

Emphasizing their solidarity with efforts to sanitize the digital lending landscape and shield citizens from online fraud, MLA President Gbemi Adelekan affirmed the association’s stance against unlicensed and illegal digital lenders. Adelekan condemned such unethical practices, asserting that they do not reflect the standards upheld by MLA members.

Adelekan elucidated, stating, “The Money Lenders Association, duly incorporated under the Laws of the Federal Republic of Nigeria, is committed to advancing the money lending industry while safeguarding public interests. Our collaboration with FCCPC and governmental bodies aims to address challenges faced by both the public and our members.”

He further emphasized MLA’s dedication to ethical standards, citing a robust Code of Practice that fosters self-regulation and compliance with FCCPC and governmental regulations, thereby fostering trust and confidence among stakeholders.

In a call to action, MLA urged the public to exercise caution and conduct thorough Know Your Customer (KYC) assessments before engaging with digital lenders, emphasizing the importance of due diligence in financial transactions.