FCCPC to address rising debt with new policy

The rising debt crisis is set to be addressed by the FCCPC through the introduction of a new policy. Mr. Babatunde Irukera, the Chief Executive Officer of the commission, made this revelation during a live program on TVC on Monday. He expressed concerns about the increasing debt to Digital Money Lenders (DMLs) becoming a significant industry issue.

While the Commission has made strides in reducing the abuse and harassment by lending apps, Irukera pointed out that borrowers are still struggling to repay their loans. He emphasized that the growing debt could potentially threaten the existence of digital lenders, which play pivotal roles in the economy.

Irukera highlighted that the challenge lies in the significant level of loan defaults due to the unethical and inappropriate recovery tactics employed by some lenders. He stressed the need to address this issue without resorting to abusive practices, claiming that Nigerians understand other approaches beyond being harassed.

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