The Money Lenders Association (MLA) has expressed its support for the Federal Competition and Consumer Protection Commission’s (FCCPC) efforts to remove loan apps that engage in harassing and defamatory practices against Nigerians.
The association has appreciated the FCCPC’s intervention in regulating and sanitizing the digital lending space, aiming to reduce and eliminate the activities of unethical lenders.
In a joint statement by Gbemi Adelekan, President of the MLA, and Dr. Henry Ationu, Vice President, the association emphasized its active collaboration with regulatory bodies and state governments throughout the country.
The statement highlights, “The association actively engages with regulators and state governments to enhance understanding of the money lending industry and address the practical challenges faced by our members in their day-to-day operations.”
“As part of our commitment to ethical practices, all association members strictly adhere to a comprehensive code of conduct. This promotes self-monitoring of activities to ensure compliance with state regulations, fostering trust and confidence in our members’ operations.”
Furthermore, the association has proactively educated the public about the necessary precautions when applying for loans online. They strongly advise the public only to seek short-term loans from licensed money lenders to ensure their financial safety.