Congratulations 🎊👏
Trafalgar Associates Limited, the owners of KwikPay Credit, is among the recognized loan companies by the Federal Government of Nigeria, as published by FCCPC of the list of approved digital lenders to operate in Nigeria. This regulation by the Federal Competition and Consumer Protection Commission (FCCPC) seeks to protect borrowers from the illegal operations of unregistered and unlicensed digital loan companies, including loan apps in Nigeria and helps change the perception of the public on short-term loan providers in Nigeria.
The government’s regulation is designed to put greater pressure on digital lenders providing short-term loans to lend responsibly. Licensed operators like KwikPay Credit, one of the best loan app in Nigeria, offer short-term loans to individuals and various SME businesses and operate ethically within the confines of the law and by the professional code of conduct, of the Money Lenders Association.
Unfortunately, some online lenders operate illegally and employ deception and other illegal conduct to take advantage of financially distressed consumers seeking loans. Some of these lenders use threats as loan collection methods, commit fraud, and disseminate personal information of customers to families and friends when loans are not repaid as and when due.
However, it is noteworthy to say that not all lenders engage in this type of unwholesome acts, and with the regulation by the Government of Nigeria, most of these illegal operators should be eradicated online soon.
Now, let’s take a look at a few of the other expected benefits of the regulation by the Nigerian Government through FCCPC.
- Protect Borrowers
One of the most obvious benefits of digital loan regulation is that borrowers are better protected from the unguided atrocities of some online lenders. The level of intervention by the Government in the digital loan industry should help increase consumer confidence as people now know that their voices will be heard and any problem they encounter, will be dealt with by the FCCPC.
- Better access to loans
Borrowers are more likely to have better access to loans and credit to support livelihood enhancement and economic development, due to increased competition and better quality of loan services offered by registered and licensed loan providers in Nigeria, including loan apps.
- Better Finance Management
Government regulation should help instil better income analysis by lenders before loans are approved and protect borrowers from borrowing more than they can repay.
- Background Checks
Digital lenders now have to complete an affordability and credit check on all applicants, which reduces the chance of those unable to repay their loan amount from getting themselves further into debt. This helps to instill better values for both lenders and borrowers and prevent irresponsible lending to those who are struggling and do not have adequate income to repay loans.
- Greater Transparency
The regulatory measures for digital loan providers by the Nigerian Government mean that there will now be greater transparency when it comes to the lending process online. Borrowers can have the peace of mind that their data will be used by the lender responsibly, and the terms and conditions of the loan should be explicitly shown before a loan is approved by the lender.
It is evident that applying for your loan needs from a licensed credit provider like KwikPay Credit, can be a great way to secure some extra cash in a financial emergency.
- Increased Industry Confidence
The FCCPC short-term loan regulations should mean that fraudulent and unlicensed lenders using loan apps in Nigeria and the digital space to advertise quick and instant loans to the general public and perpetuating unethical practices can now be stopped in their tracks. This should enable reputable digital lenders to increase their trading transparency, and their customers are now better informed about their loans.
- Better Relationship
The regulations have given borrowers and lenders a far better relationship and customer service for short loans.
You can receive a short-term loan with the help of KwikPay Credit, one of the registered and licensed digital and one of the best loan app providers in Nigeria. Simply choose how much you want to borrow and how long for, fill out our quick and simple application form on the web ( www.kwikpaycredit.com ) or through our mobile app, and we will do the rest.
Kwikpay Credit is the trading style of Trafalgar Associates Limited, a licensed and registered digital lender with Federal Government of Nigeria’s FCCPC, and a member of Money Lenders Association.
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