Fairmoney Vows to Ethically Collect Loans
FairMoney wants to make it clear once again that they are dedicated to using fair and ethical ways to recover loans.
The company shared this information in response to a recent announcement by the Federal Competition and Consumer Protection Commission. The commission plans to introduce additional regulations for digital lending in 2024.
The commission plans to make new rules that will help make it better to get back loans in the country.
Mr. Babatunde Irukera, the CEO of the Commission, emphasized the importance of finding a sensible way to recover loans from digital money lenders. He acknowledged the challenge but stressed the need to strike a balance. If these lenders can’t recover loans and exit the market, it becomes a consumer protection issue for those relying on short-term unsecured lending.
In 2024, the Commission plans to introduce regulations that take a broader approach to encourage responsible borrowing and lending by both individuals and businesses. The goal is to address the challenges while ensuring a fair and balanced financial ecosystem.
In response to the FCCPC’s action, a representative from FairMoney stated, “FairMoney, as a reputable digital lending and financial services company, operates with high ethical standards and is committed to responsible lending and banking practices.”
The representative also added, “FairMoney has consistently upheld ethical practices and complied with regulatory standards.”
The FCCPC reports an 80% decrease in harassing and defamatory messages in the sector. The commission’s leader pointed out that the country is facing challenges with digital lending, but it’s not the only one.
He mentioned, “India, Kenya, Brazil, Ghana, and Uganda are still struggling in digital lending. Some of these countries are taking lessons from what we have done.”
