The Federal Lawmaker, representing Egbeda/Ona Ara Federal constituency, Hon. Akin Alabi has moved a motion the curtail the excesses of online loan providers in the Country.

The major pay day loan providers had earlier resorted to underhanded tactics like harassing the entire contact list of alleged loan defaulters and breaching their privacy in the process.

Hon Akin Alabi, in his motion stated that these companies have been operating outside the principles of fair and lawful processing of personal data as required under the Nigeria Data
Protection Regulation and other relevant provisions on data protection in Nigeria.

Hon Alabi called on the CBN to provide better regulation for these financial service providers, and for the the National Information Technology Development Agency (NITDA) to ensure strict adherence to the Nigerian Data Protection Regulation by all online loan providers.

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