Enhancing Financial Inclusion and Advancement (EFInA), in collaboration with the Shared Agent Network Expansion Facilities (SANEF) and Proshare, hosted the second edition of the Ask the Regulator Consumer Protection Townhall. The event brought together financial regulators, industry leaders, and consumers to discuss consumer protection in Nigeria's growing digital lending space. Key concerns highlighted included failed transactions, unfair lending practices, fraud, and delays in resolving consumer complaints. Participants engaged in direct dialogue on how to improve transparency, accountability, and trust within the digital financial services ecosystem.
Foyinsola Akinjayeju emphasized the importance of spreading awareness about financial rights to operators, regulators, and consumers to build greater trust. She stated, "I don't know of any sustainable development goal that you can achieve without financial inclusion. So, when you now start to see issues with financial inclusion, then we know that the other SDGs will be impacted." Aisha Isa-Olatinwo, director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria, acknowledged the reality of customer complaints, saying, "Customer complaints are real and deeply felt," and stressed that building trust through effective redress strengthens the financial system. Boladale Adeyinka of the Federal Competition and Consumer Protection Commission (FCCPC) called for clearer regulations, stronger enforcement, and better consumer awareness to create a fairer system.
Gbemi Adelekan, President of the Money Lenders Association (MLA), advocated for flexible repayment options to support borrowers facing hardship. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), pointed out the gap between existing laws and actual consumer experience, urging for more practical access to financial rights.
The regulators and industry representatives admitted that consumer complaints are widespread and deeply felt, yet no timeline or measurable target was given for fixing complaint resolution delays. Borrowers like those represented by CAFON remain at risk of continued harm despite existing laws. If redress mechanisms are as critical as claimed, the absence of a clear public roadmap to fix them undermines the trust being promoted.
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