Regulate subsidized loan policies, online lenders become unbearable – CAN to CBN

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The Christian Association of Nigeria (CAN) has called on the Central Bank and other financial regulators to immediately review their policies as online money lenders are making life difficult for citizens.

Naija News understands that many faceless online financial loan facilities have sprung up over the COVID-19[female[feminine epidemic which led to long-term confinement in the country, providing destitute citizens with unsecured loans.

Most of which their collection methods and interest rates have been considered dubious and unbearable.

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

MAY say in a statement made available to Naija News Wednesday evening that its findings revealed that some unscrupulous people developed their apps to extort money from innocent people under the guise of granting them short-term loan facilities.

Their interest is not only higher than that of the banks, but they use blackmail and other antics to get their money back in the event of default when their victims must have overpaid the secured loan but be in trouble due to the interest godless.“, noted the Christian organization.

He added; “They will harass and embarrass the contacts of their victims asking for their intervention to get their money back.

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

CAN condemn the situation and so call upon the Governor of the Apex Bank, Godwin Emefele, the Ministry of Finance and other related agencies to intervene urgently before victims start resorting to self-help to free themselves from public ridicule and embarrassment.

Can say: “It is easier to condemn those who take out such loans because they were not forced to, but when we critically examined the economic conditions of the country and the consequences that flow from them, we realized that it it would only take disciplined and pious people to say NO. in the trap.

CAN also blamed the federal government led by President Muhammadu Buharito get the economy out of the woodwork as a way to restore reason to the political system.

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

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