Tinubu’s Consumer Credit Scheme Will Address Loan Sharks’ Excesses – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has praised President Bola Tinubu’s consumer credit scheme, saying it will provide Nigerians with access to collateral-free soft loans and address the excesses of loan sharks.

Gatekeepers News reports that according to Adamu Abdullahi, acting executive vice chairman of FCCPC, the scheme will help reduce the rate at which Nigerians use unregistered loan applications that tend to harm and shame their character.

“What is happening is because the availability of loans is not there in Nigeria, but you can see that this government through its renewed hope agenda came up with a credit scheme,” Abdullahi said.

“It has now gone into effect, but it is only for government workers for now; it is going to address the gap that the apps were addressing before.”

The scheme, which aims to broaden consumer credit availability, will be rolled out in phases, starting with civil servants and then extended to the general public.

Abdullahi noted that the commission has initiated investigations into certain unfair practices and irregularities in the market, including anti-competitive practices by some companies.