The Money Lenders Association (MLA) has voiced its support for the Federal Competition and Consumer Protection Commission’s (FCCPC) efforts to promote ethical conduct in digital lending within Nigeria.
The FCCPC’s recent announcement of intensified enforcement against Digital Money Lenders (DMLs) to address observed violations of inter-agency joint task force guidelines has garnered backing from the MLA.
In a statement signed by MLA President, Gbemi Adelekan, the association expresses empathy with the public regarding the activities of unlicensed and illegal digital lenders. The MLA acknowledges the need for measures to sanitize the digital lending space and protect consumers from online fraud and unethical practices, particularly amidst the current economic climate.
Adelekan emphasized the MLA’s condemnation of unprofessional acts by certain unscrupulous lending organizations, clarifying that such actions do not represent the association’s members.
Source: Vanguard