₦airaland Forum

May CBN not happen to us. The issue we have is that even the so-called microfinance banks, which are supposed to set standards for other money lenders, have started charging very high interest, up to 248% per annum. Our solution is to overhaul the policy.
[youtube]
https://www.youtube.com/watch?v=cj5b71G_LKU[/youtube]

penielx:
May CBN not happen to us. The issue we have is that even the so-called microfinance banks, which are supposed to set standards for other money lenders, have started charging very high interest, up to 248% per annum. Our solution is to overhaul the policy.
[youtube]
https://www.youtube.com/watch?v=cj5b71G_LKU[/youtube]

CBN is the real criminal here. If you, as a regulatory body, enables or create the environment that enables fraud and daylight robbery such as this one, then you are the big criminal. I bet the top goons at CBN will always get some kickbacks from these loan apps, it explains why they've become so incompetent at their job. CRIMINALS!

You are not forced to collect it. So why the cry cry?

It's a high risk high reward basis.
The risk of default is very high as there's no collateral backing the loan hence the high interest rate.
I agree it's outrageous but how can the company hedge the risk of default for a loan that has no collateral which give s them comfort.

Esthered:
It's a high risk high reward basis.
The risk of default is very high as there's no collateral backing the loan hence the high interest rate.
I agree it's outrageous but how can the company hedge the risk of default for a loan that has no collateral which give s them comfort.

Let them lend only to people with verifiable employment.

Thier jobs will act as collateral though customers will be less but It will ensure that the money lent will be recovered instead of them running a corporate business like motor park touts.

ChristCee:
CBN is the real criminal here. If you, as a regulatory body, enables or create the environment that enables fraud and daylight robbery such as this one, then you are the big criminal. I bet the top goons at CBN will always get some kickbacks from these loan apps, it explains why they've become so incompetent at their job. CRIMINALS!

You are 100% right boss, they are indeed criminals. Until we start calling them out nothing can happen

lekkie073:
You are not forced to collect it. So why the cry cry?

A typical Black man with a self mentality who is not interested in nation building
is not your fault; I blame the government that did not integrate Civic education in our curriculum. more reason you don't know that Finance controls 60% of GDP and nation building.

Go and study more about nation-building, Laws, and Policy governing the nation

Esthered:
It's a high risk high reward basis.
The risk of default is very high as there's no collateral backing the loan hence the high interest rate.
I agree it's outrageous but how can the company hedge the risk of default for a loan that has no collateral which give s them comfort.

I understand your point, but it is not correct in accordance with CBN policy. CBN did not give any special edge to unsecured loans; it is the responsibility of microfinance institutions to do that. CBN policy applies to both secured and unsecured loans. They are using this opportunity to commit crimes, which is outrightly against CBN’s fair lending guidelines.

Princewill1:
Let them lend only to people with verifiable employment.

Thier jobs will act as collateral though customers will be less but It will ensure that the money lent will be recovered instead of them running a corporate business like motor park touts.

Exactly! what they are doing is outrightly against CBN Policy

Borrow 500k for six months to pay back 870k.

Omo which kind thing be this

not possible


stop using sensational headlines to mislead people.

lekkie073:
You are not forced to collect it. So why the cry cry?

even Nigerian government are borrowing money. Elon Musk is owing money. The entire current global financial system is built on debt and faith. Institutions should not be allowed to exploit people. Anyone who borrows money and find the interest outrageous should not repay. A time will come, they will call you to negotiate

Rexymania:
Omo which kind thing be this

I think CBN be our problem. They have an Idea of what is going on

adamkkk:
not possible


stop using sensational headlines to mislead people.

I don't blame you, It's evident you cannot discern what is possible and what is not. If you need 100 agreements between Fairmoney and Customers, I'll send them to you.

penielx:
I don't blame you, It's evident you cannot discern what is possible and what is not. If you need 100 agreements between Fairmoney and Customers, I'll send them to you.

It is still not right to milk the populace because of their economy frustration

Blankstare:
It is still not right to milk the populace because of their economy frustration

Please watch the video again and read the guys comment stating "Is not possible for Fairmoney to charge such interest", we have started a movement against those criminals who want to milk Nigerians