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LequteMan
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The Central Bank of Nigeria, CBN, according to Vanguard is planning to introduce new draft rules and measures to end unethical interest rates, illegal charges and other manipulations Nigerian banks indulge in to deduct funds from bank customers.
CBN shall ensure that operators (banks), establish structures to prohibit predatory lending and hence support a positive credit culture in the industry, the rules said.
Financial operators shall provide credit counseling to prevent consumers’ indebtedness due to limited financial knowledge.
Consumers, the draft rule states “shall be made aware of such services and shall be encouraged to take advantage of such facilities provided by the operators. When the rules become operational the rules stipulates that “Operators must provide detailed information on the terms and conditions of a loan agreement to consumers prior to executing the loan agreement. Such information must at a minimum include the pricing, repayment schedule, repayment amount, tenure and opt out options”.
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CBN shall ensure that operators (banks), establish structures to prohibit predatory lending and hence support a positive credit culture in the industry, the rules said.
Financial operators shall provide credit counseling to prevent consumers’ indebtedness due to limited financial knowledge.
Consumers, the draft rule states “shall be made aware of such services and shall be encouraged to take advantage of such facilities provided by the operators. When the rules become operational the rules stipulates that “Operators must provide detailed information on the terms and conditions of a loan agreement to consumers prior to executing the loan agreement. Such information must at a minimum include the pricing, repayment schedule, repayment amount, tenure and opt out options”.
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