The Money Lenders Association (MLA) has thrown its weight behind the measures taken by the Federal Competition and Consumer Protection Commission (FCCPC), aimed at ensuring ethical conduct in digital lending in Nigeria.
It would be recalled that the Acting Vice-Chairman of the FCCPC had on February 5th, said it would intensify enforcement against Digital Money Lenders due to observed violations of the inter-agency joint task force guidelines.
In a statement signed by its President, Gbemi Adelekan, the MLA said that The Association empathizes with members of the public on the activities of some of these unlicensed and illegal digital lenders and wholeheartedly supports the measures by FCCPC.
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, to promote trust and confidence.”