Digital lenders in Nigeria are currently worried over recent moves by the Federal Competition and Consumer Protection Commission (FCCPC) to regulate their interest rates.
A credit expert and President of the Money Lenders Association (MLA), Gbemi Adelekan, has said that many Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are building up negative credit profiles that could bar them from accessing the capital they desperately need to grow.
The digital lending space in Nigeria is currently in dire strait as both the lenders and the borrowers are lamenting increasing non-performing loans and the high cost of borrowing.
