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Regulate Soft Loans Policies, Online Lenders Becoming Unbearable – CAN To CBN

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Nigerian Banks Non-Performing Loans Hit N1.21tn
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The Christian Association of Nigeria (CAN) has called on the Central Bank and other financial regulatory agencies to immediately review their policies as online money lenders are making life uneasy for citizens.

Naija News understands that many faceless online financial loan facilities sprang up during the COVID-19 outbreak that led to a long time lockdown in the country, offering helpless citizens loans without collateral.

Most of which their recollection methods and interest rates have been viewed as dubious and unbearable.

In this regard, the Christian association said its attention has been drawn to the antics of some of the unknown companies who have taken advantage of the current economic predicaments in the country.

CAN say in a statement made available to Naija News on Wednesday night that its findings revealed that some unscrupulous people developed their apps to extort money from innocent people on the pretext of giving them short loan facilities.

Their interests are not only higher than the banks’ but they use blackmail and other antics to get their money back in case of default whereas their victims must have overpaid the loan secured but run into trouble as a result of the ungodly interests,” the Christian organisation noted.

It added; “They will be harassing and embarrassing the contacts of their victims asking them for their intervention to recover their money.

“These are not only against the financial regulation but totally unacceptable, irresponsible, suicidal and unfair.”

CAN condemn the situation and thereby call on the Governor of the Apex Bank, Godwin Emefele, the Ministry of Finance and other related agencies to, as a matter of urgency, intervene before victims begin to use self-help to free themselves from the public ridicule and embarrassment.

CAN say: “It easier to condemn those who take such loans because they were not forced to do so but when we critically examined the economic conditions of the country and the attendant consequences, we have realised that it would take only the disciplined and the godly people to say NO to the trap.”

CAN also charged the federal government led by President Muhammadu Buhari, to bring the economy out of the woods as a way of restoring sanity back to the polity.

We don’t need the quarterly report of the Nigerian Bureau of Statistics to know that life is becoming unbearable and tough for the citizens, irrespective of their economic status”, the statement signed and made available to Naija News by CAN’s General Secretary, Barr. Joseph Bade Daramola noted.