Experts proffer solutions to data breach by loan sharks

By Sunday Oguntuyi, Osogbo

The Chief Executive Officer of the Consumertrics, Barrister Muyiwa Ayojimi at the weekend brought together experts at a workshop to discuss the unethical practices of many loan sharks and the usual breach of financial consumers’ data privacy.

At the event, which was the maiden edition of Consumertrics workshop, participants advocated proper regulation of digital loan sharks.

The experts, who spoke on the theme Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection, deplored the unethical practices of many loan sharks and the usual breach of financial consumers’ data privacy.

Ayojimi in his contribution, called for tougher application of consumer protection laws.

He pointed that banks’ stringent loan processes have erected barriers within the country’s huge credit market, thereby giving rise to the proliferation of illegal loan sharks.

According to him “We are excited to have you all here to participate in the Consumer Advisory Series organized by Consumertrics.

“I would like to specially acknowledge the Consumertrics team who have worked tirelessly from day one.”

He posited that “our partners for the important roles they have played. We couldn’t have pulled off this event without their hard work, dedication and support.”

This advisory series is the 1st of a quarterly series and seeks to address burning issues that affect the wellbeing of the Nigeria consumers on one hand and providers of goods and services on the other hand in a manner that fosters a healthy and mutually beneficial relationship.