The Chairman, Federal Competition and Consumer Protection Commission FCCPC, Mr.Babatunde Irukera,Managing Director, Credit Registry, Dr. Jamelaah Sharieff-Ayedun, GM LASCOPA, Mr. Afolabi Solebo, Executive Director, Wema Bank, Wole Ajimisinmi, Regional privacy counsel(eastern Europe, middle east and Africa for Mastercard, Femi Daniel and MD, RIGO Mirofinance bank, Aldophus Aletor are expected to lead the discussion at the maiden advisory series of Consumertrics, a leading advocacy organization on consumer rights and protection.

In a press briefing to announce its maiden advisory series themed’Responsible borrowing and lending; balancing access to credit and protection in Nigeria digital economy slated for today, 8 September at the Zone Tech Park, Gbagada, Lagos, the group said the unsavoury practice is breach of privacy and poses a danger to the central Bank of Nigeria’s target to attain 95percent financial inclusion by 2024.

Muyiwa Ayojimi,the CEO of Consumertrics said there is an urgent need by the CBN to emplace effective regulation and supervision of the loan sharks operating in the country and 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.

‘That more Nigerians can now access easy and quick credit through the digital lenders is commendable.

“The growing number of loan sharks suggests a considerable credit market,which therefore calls for a structuring that centres around balancing credit access with consumers protection ‘he said

Ayojimi noted 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.

Nigeria’s credit markt according to consumertrics has a high barrier to entry caused by banks,with the rise in innovative fintech company looking to play in the lending space have an uphill task ahead thst spans finance, technology and data.

Digital money lenders have expanded lending to theunbanked as well as underbanked consumers and businesses who can hardly access formal credit.

The discussion as advocated by the firm is on setting responsible practices by the digital lenders as banks and mainstream financial services providers may not serve them soon.

Digital credit customers in Nigeria markets are facing diverse and numerous financial consumer protection challenges and that is why Consumertrics is partnering with other private sector think –tank on its advocacy series to discuss the rights of the borrower and the true cost of credit and proper debt cancellation practices of lenders.