The Money Lenders Association has stated that it is backing the Federal Competition and Consumer Protection Commission’s stance to delete loan apps that are harassing and defaming Nigerians.
The association said it was grateful for the intervention of the FCCPC in streamlining and sanitising the digital lending space to reduce and eliminate the activities of some lenders operating in an unethical manner.
In a statement signed by the association’s President, Gbemi Adelekan, and the Vice President, Dr Henry Ationu, the MLA stated that it was actively collaborating with regulators and state governments in the country.
The statement read in parts, “The association actively collaborates with regulators and the state government to foster a better understanding of the money lending industry and address the practical challenges faced by our members in their daily operations.
“As part of our commitment to ethical practices, all members of our association adhere to a comprehensive code of practice which facilitates self-monitoring of activities to ensure compliance with state regulations in order to promote trust and confidence in the operations of our association’s members.
“In addition, we have been actively involved in educating the public about the precautions that ought to be taken when applying for loans online. Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs.”
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