The Federal Competition and Consumer Protection Commission (FCCPC) has said President Bola Tinubu’s credit scheme will help to close the gap and reduce vulnerability of Nigerians to unethical digital loan companies.
The agency’s Acting Executive Vice Chairman, Adamu Abdullahi, said this in an interview with the News Agency of Nigeria yesterday in Abuja.
Abdullahi, who was reacting to unethical practices by some unregistered digital money lenders to their customers, said the Federal Government’s scheme would enable Nigerians to access soft loans without collaterals.
The FCCPC boss said the scheme would also help to reduce the rate at which Nigerians patronise unregistered loan applications that were prone to maiming and shaming their character. He explained that although the commission had registered some digital money lenders, most of the unregistered had continued their unethical practices on their customers.
