Nigerians need to improve borrower-lender relationship – Consumertrics CEO

By Sunday Oguntuyi, Osogbo.

Muyiwa Ayojimi, CEO of Consumertrics, an advocacy firm on consumer rights and protection, has emphasized the need to improve borrower-lender relationship, particularly in the digital space.

Speaking at a press conference on Tuesday, Ayojimi said best practices needs to be developed and enshrined within the borrower lender space.

Ayojimi said there is an urgent need by Central Bank of Nigeria ( CBN ) to put in place, effective regulation and supervision of the loan sharks operating in the country, and for the Nigeria Data Privacy Bureau in collaboration with the NCC, to protect the Privacy of Consumers.

He lauded the recent interventions by the Federal Competition and Consumer Protection Commission (FCCPC) to rein in the loan sharks over the deplorable act.

According to him “More Nigerians can now access easy and quick credit through the digital lenders, that is commendable. Importantly, the growing number of loan sharks suggests a considerable credit market, which therefore calls for a structuring that centers around balancing credit access with consumer protection.”

He added that the resort to public shaming debtors is usually traumatic for debtors and could lead to their taking life-threatening decisions.

He added that both borrowers and lenders have specific obligations to fulfil before and after consummating a loan facility, in line with globally acceptable guidelines on Financial Consumer Protection.

Ayojimi said the development is why Consumertrics is holding its maiden advisory series- Themed: Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection in Nigeria Digital Economy, holds September 8 at The Zone Tech Park, Gbagada, in Lagos.

Also a keynote address would be given by Mr Babatunde Irukera, the Executive Vice Chairman/ CEO, FCCPC.

However there would be 3 panel sessions with sub-topics on Responsible Borrowing and Lending, Ensuring Trust and Transparency in Lending and the importance of protecting borrowers against data breach and fraud.

Other key speakers and panelists are Femi Daniel, Regional Privacy Counsel, (Eastern Europe, Middle East, and Africa) for Mastercard; Dr. Jamelaah Sharieff-Ayedun, MD, CreditRegistry; Mr. Afolabi Solebo, GM-LASCOPA, Mr. Wole Ajimisinmi, Executive Director Wema Bank; Aldolphus Aletor, MD Rigo Microfinance Bank, Mr. Wale Adekola, Director-Center for Consumer Concern amongst others.