On February 5,2024, The AG Vice-Chairman of the Federal Competition and Consumer Protection Commission, FCCPC said it would intensify enforcement against Digital Money Lender (DMLs) due to observed violations of the inter-agency joint task force guidelines.
The Money Lenders Association, MLA, supported the measures taken by the FCCPC, aimed at ensuring ethical conduct in digital lending in Nigeria.
A statement signed by President of MLA, Gbemi Adelekan, said that The Association empathises with members of the public on the activities of some of these unlicensed and illegal digital lenders and wholeheartedly support the measures by FCCPC.
MLA said it is fully in support of the recent update to sanitise and safeguard people from online fraud and unethical practices and foster a reliable digital environment, especially at this crucial time in the economy of our Nation.
He said that MLA condemns in its entirety, this unprofessional act perpetrated by some unscrupulous lending organisations (not our members).
Adelekan said: “Money Lenders Association is duly incorporated under the Laws of the Federal Republic of Nigeria, with its primary objective being the advancement of the money lending industry, and safeguarding the interests of the public and customers using our lending platforms.
“The Association actively collaborates with FCCPC and the Government to address the practical challenges faced by members of the public and our members, in their daily operations.
“As part of our commitment to ethical practices, members of our Association adhere to a comprehensive Code of Practice which facilitates self-regulation of our activities, to ensure compliance with FCCPC and Government regulations, in order to promote trust and confidence’’.
They enjoined the general public to be careful and carry out their KYC on Digital Lenders before applying for loans.