Table of Contents
The Federal Competition and Consumer Protection Commission (FCCPC) is getting ready to make some important rules for online lending in 2024.
These rules want to change the way loans are collected in Nigeria because many people are not paying back their loans on time. Mr. Babatunde Irukera, the CEO of the Commission, shared this news on a recent TV show.
Join our Telegram Channel for Updates
Even though the FCCPC has stopped a lot of bad behavior in the lending business, Irukera talked about the ongoing problem of people not paying back their loans in Nigeria. He said we need fair and right ways to get the money back and shouldn’t use mean tactics to talk to people who borrowed money.
CHECK: Super Ireti Doyle considers nudity in films on 1 condition
Irukera also said that if we can’t get the money back from people who borrowed it, it might be hard for others who need quick loans. The new rules coming in 2024 will try to find a good way for people and companies to borrow and lend money.
Irukera also thinks it’s a good idea to have a system where schools can tell a big group about how people are doing with their money. This way, we can understand if someone is good at handling money or not.
The FCCPC recently said they stopped 80% of bad messages and mean behavior in online lending. Irukera mentioned that Nigeria is not the only country facing these problems, other countries like India, Kenya, Brazil, Ghana, and Uganda are watching and learning from what Nigeria is doing.
Get ready for some changes in how we borrow and lend money online through Opay, Moniepoint, and Other Platforms in 2024!
