The Commission’s Chief Executive Officer, Mr. Babatunde Irukera, revealed this on Monday while appearing on a TVC live program. Irukera stated that debt to DMLs has become a major industry issue.
While the Commission has been successful in decreasing abuse and harassment by lending apps, he claims that Nigerians who have borrowed from the platforms have continued to fail. According to Irukera, increased debt could lead to the demise of digital lenders, who are also playing crucial roles in the economy.
“One of the major issues we’re seeing is that there is now a significant level of loan default because people are unable to use these unethical and inappropriate loan recovery mechanisms, and you cannot tell me that the only language Nigerians understand is to abuse them. No, I don’t think so.
