Money Lenders Association Throws Support Behind FCCPC’s Crackdown On Digital Lending Violations

Money Lenders Association Throws Support Behind FCCPC’s Crackdown On Digital Lending Violations....KINDLY READ THE FULL STORY HERE▶

In a resounding show of solidarity, the Money Lenders Association (MLA) has rallied behind the Federal Competition and Consumer Protection Commission (FCCPC) in its efforts to uphold ethical standards in digital lending across Nigeria….READ ALSO

Following the announcement by the Ag Vice-Chairman of the FCCPC on February 5, 2024, regarding heightened enforcement measures against Digital Money Lenders (DMLs) due to observed breaches of inter-agency joint task force guidelines, the MLA has voiced its unequivocal support for these initiatives.

In a statement issued by Gbemi Adelekan, President of the MLA, the association expressed solidarity with the public concerning the activities of unlicensed and illegal digital lenders while endorsing the FCCPC’s actions to address these concerns.

Adelekan emphasized the MLA’s condemnation of such unprofessional conduct perpetrated by certain unscrupulous lending organizations, reaffirming the association’s commitment to upholding ethical practices within the money lending industry.

Highlighting the MLA’s incorporation under the Laws of the Federal Republic of Nigeria and its primary objective of advancing the money lending sector while safeguarding public interests, Adelekan underscored the association’s collaboration with regulatory bodies like the FCCPC and the government to address operational challenges.

As part of their dedication to ethical conduct, MLA members adhere to a comprehensive Code of Practice aimed at facilitating self-regulation and ensuring compliance with FCCPC and government regulations to foster trust and confidence among consumers.

The MLA issued a cautionary advisory to the general public, urging individuals to exercise caution and conduct thorough Know Your Customer (KYC) verifications on digital lenders before engaging in loan transactions, underscoring the importance of due diligence in financial dealings.