The Federal Competition and Consumer Protection Commission says the consumer credit scheme introduced by President Bola Tinubu will address loan sharks excesses.
He said the scheme would also help reduce the rate at which Nigerians use unregistered loan applications that tend to harm and shame their character.The vice chairman said despite the commission registering some digital money lenders, many unregistered lenders continued their unethical practices towards customers.
“The only collateral you will need is your national identification number and once you have NIN and bank verification number , that means you are identified and people know that you are the one that has taken this loan and they know how to get their loan back.
Source: Loan Digest (loandigest.net)
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