CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit - Business (2)

CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit (6118 Views)

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Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by ogolemati: 2:27pm On Sep 27

IamPatriotic:
Is that all you could come up with from the whole explanations? Rather than read it with keen interest, so you won't fall victim of "pay small small" and after you finished paying, and services no gree come as promised. na that time your eyes 👀 go clear. Be there and be criticising mindlessly

shatap,is it your pay small small. You are not concerned about what that Una agbero chairman is doing to the economy

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Bluntemperor: 2:30pm On Sep 27

grandiose4ever:
You people are always asking questions that will lead to more hardship for the citizenry.

How does it affect CBN if Wakanow is offering pay small small schemes.

Some of you should think Deep, before you talk,since Abusive language is Obedient and PDP Sympathetisers Colorations,so many Nigerians are not surprised 🙀.
If you are an Economist, what CBN said will raise serious Issues - when The People Defaults,for anything Credit 💳, Default are bound to happen!
So,CBN is raising a lacuna and if not taken care of now will still bounce back on the CBN.
Solutions Now- is better than to War- War!

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Teenaira: 2:31pm On Sep 27

FlutterDollar99:
Stop defending exploitation. It's time these things are well regulated.
Infact, it does not present the government's economy right.

It shows there is something wrong with the economy when all your citizens are engaged in one loan app or the other because they can not afford to but little things straight up

This your concept is awkward. While African countries essentially operate cash economy, developed economies operate credit economy. A credit economy encourage consumption, increased sales and hence greater productivity, greater production. Infact, in developed economies you hardly see anybody buying an asset in cash. Almost everybody have access to credit. You are encouraged to build credit history so that you could enjoy more credit. The only backlash here is the control and monitoring of credit terms. Nigeria needs to engage more with credit bureau to facilitate credit and get the banks to grant credit to willing consumers to grow the economy. It is because banks fail or refuses to grant credit that the fintech and non bank institutions are feasting on consumers with outrageous loan conditions. Nothing absolutely is wrong with a credit economy once the framework is strengthened to manage relevant processes.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by SonOfWords(m): 2:40pm On Sep 27

The CBN is considering this a challenge because the country simply lacks a central citizens digital database, as well as tough data protection regulations and mechanisms in place to inform and checkmate the activities of these non-bank lending businesses.

In the U.S, your social security number is quite literally your "human identification tag". All your dealings as a person can be processed with that number and citizens mostly don't have to worry about breaches because of effective government oversight functions.

This is one of those times when the utter uselessness of the EFCC and ICPC are laid bare for the world to see😶. They should be providing the secure framework upon which the CBN can regulate the pay-small-smalls.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by SirCloudControl: 2:44pm On Sep 27

FlutterDollar99:
All those buy now, pay later, They are all connected to those online loan sharks. It's time a total stop is put to all loan apps. Those pay small small schemes and buy phones on easy buy are all exploitative and unregulated if you check it.

And they are all linked to a single company. I know all these because I used to work with it them back in 2020

I agree with you

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Luckybelt: 2:47pm On Sep 27

Oga CBN, set up standard credit system, where people can get credit based on their rating. 1m, 2m , 5m, 10m naira etc.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Lamanii22(f): 3:45pm On Sep 27

Lamasta:
It is the hardship your government brought to innocent Nigerians that led to pay small small......

Abi ooo

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Krankhead: 4:05pm On Sep 27

grandiose4ever:
You people are always asking questions that will lead to more hardship for the citizenry.

How does it affect CBN if Wakanow is offering pay small small schemes.

Don't cry if the buy now pay later companies shortchanged you because you don't have any protection

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Kingrshd3: 4:12pm On Sep 27

Lamasta:
Get lost. When do we start doing pay small small if not when the economy was bastardized by your favorite party and politicians, do we need to pay small if it is affordable on the go

Oga even when d country is good did u praise the government then??

Did you praise Jonathan Buhari even Obasanjo??

In developed countries that we claim they are good countries 99.% of their homes cars phones and even travelling ticket etc are on load which we called mortgage

Here in Nigeria we are now moving to reality 😅

So do you think we are heading to the right or wrong direct??

NELFUND too we just started because even developed countries use loans to get education ☹️ these are countries richer than Nigeria oo

Now our own started we still criticized tinubu for such great impact ..

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by erico2k2(m): 4:24pm On Sep 27

AnonPoet:
https://nairametrics.com/2026/09/26/cbn-raises-regulatory-questions-over-non-banks-offering-instalment-credit/

See them the only persons at risk of pay small small are the companies who offer such services, did they complain to CBN NO, so why is he crying, the banks failed to derv into that business cos its a genuine means of making money meaning they have to work for it not just deduct ,Oh not the banks are only interested in taxing people. This has been filled by these companies now they are trying to look for a way to tax these companies as well without themselves taking no risk. There is soo much credit facilities the CBN can lay down so that Nigerians can spring up but they wont

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Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by erico2k2(m): 4:25pm On Sep 27

Krankhead:
Don't cry if the buy now pay later companies shortchanged you because you don't have any protection

SInce you are so clever i n such thing, tell us how these credit company will shortchange you

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by erico2k2(m): 4:25pm On Sep 27

SonOfWords:
The CBN is considering this a challenge because the country simply lacks a central citizens digital database, as well as tough data protection regulations and mechanisms in place to inform and checkmate the activities of these non-bank lending businesses.

In the U.S, your social security number is quite literally your "human identification tag". All your dealings as a person can be processed with that number and citizens mostly don't have to worry about breaches because of effective government oversight functions.

This is one of those times when the utter uselessness of the EFCC and ICPC are laid bare for the world to see😶. They should be providing the secure framework upon which the CBN can regulate the pay-small-smalls.

But we have NIN no B soo

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by erico2k2(m): 4:28pm On Sep 27

Bluntemperor:
Some of you should think Deep, before you talk,since Abusive language is Obedient and PDP Sympathetisers Colorations,so many Nigerians are not surprised 🙀.
If you are an Economist, what CBN said will raise serious Issues - when The People Defaults,for anything Credit 💳, Default are bound to happen!
So,CBN is raising a lacuna and if not taken care of now will still bounce back on the CBN.
Solutions Now- is better than to War- War!

The first half of what you said is right, if the customers default there is no CBN to run to due to none regulation great, However did you see the CBN in anywhere in this write up showing sympathy or support for these companies that provide these services? rather they are talking of these credit agencies not being regulated and taxed. This is the Nigerian problem, putting the Cath B4 the horse.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by SonOfWords(m): 4:44pm On Sep 27

erico2k2:
But we have NIN no B soo

Exactly.

Now it is how to put safety mechanisms in place so those pay-small-smalls do not compromise that NIN you're having to give them for those business transactions.

That's where the EFCC and ICPC are supposed to come into play.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by erico2k2(m): 4:58pm On Sep 27

SonOfWords:
Exactly.

Now it is how to put safety mechanisms in place so those pay-small-smalls do not compromise that NIN you're having to give them for those business transactions.

That's where the EFCC and ICPC are supposed to come into play.

well they can only steal money from your bank, this is the sole responsibility of the CBN and the banks, has little or nothing to do with you and me.Im quite sure the banks have a defence mechanism to halt this.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Bluntemperor: 5:30pm On Sep 27

Kingrshd3:
Oga even when d country is good did u praise the government then??

Did you praise Jonathan Buhari even Obasanjo??

In developed countries that we claim they are good countries 99.% of their homes cars phones and even travelling ticket etc are on load which we called mortgage

Here in Nigeria we are now moving to reality 😅

So do you think we are heading to the right or wrong direct??

NELFUND too we just started because even developed countries use loans to get education ☹️ these are countries richer than Nigeria oo

Now our own started we still criticized tinubu for such great impact ..

Some don't like good things but have a terrific mindsets that Only See 🙈 Negative -things and they don't even know that -most of what Tinubu is doing are replica of the American System - but they become easy target 🎯 and Condemn them, especially the Obedient people!
e.g the Educational- Loan- is Democratic Party- Baby and the Purpose is :
•To reduce Illiteracy in USA - Not about the high Price and
Similar thing is Called NELFUND SUCCESS Programs here in Nigeria !
•What About the Lagos - Calabar -Coastal -Highway Road 🛣️ Projects - that Some Opposition People were really against - with Different Excuses,but today,has Becomes A Reality,in Nigeria👍👏😅.
1- there is A Coastal -Highway in California - making it the BEST in that State,
2.Also in Ireland - there is a Coastal Highway 🛣️ - Projects that Attract the High and low to that Country.
• All of us Will Soon see the Unprecedented Economic Development Growth 💹 📈 in the 9- Southern States - that the Coastal Highway Passes through.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Omalicious1: 7:09pm On Sep 27

AnonPoet:
https://nairametrics.com/2026/09/26/cbn-raises-regulatory-questions-over-non-banks-offering-instalment-credit/

If not because of how Tinubu has ran the economy, why won't Nigerians opt to pay "Small Small"

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Lanretoye(m): 5:56am On Sep 28

Lamasta:
It is the hardship your government brought to innocent Nigerians that led to pay small small......

you will blame government for your existence later in life if you continue this way

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by nwirinedu(m): 8:56am On Sep 28

There is nothing wrong with the business model, it is a sign of the times, air travel is too expensive, thanks to your brother in power. The roads are not safe, they are in bad shape even airlines are groaning over high cost of doing business.

Instead of reducing mpr to single digit and supporting the economy by encouraging local production you want to regulate airlines and ordinary businesses.

What about the banks? Are you not supposed to regulate them? Bank staff are stealing customer's deposits, engaging in loan fraud and extortion and you do nothing!

CBN regulate your banks and your staff at the state CBN offices nation wide!

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by VanuatuWycombe: 9:09am On Sep 28

grandiose4ever:
You people are always asking questions that will lead to more hardship for the citizenry.

How does it affect CBN if Wakanow is offering pay small small schemes.

CBN doesn’t say shouldn’t pay small small but there has to be regulation. There must be standards to/in doing that. That’s best practice, all over the world.

We dey lawless in Nigeria. That’s why we are so free and see Nigeria as a sweet country to live.

Pay small-small is like offering financial services. So, you need a license for that.

Come to the country where I live. Ordinary monthly contributions money that I sent to who go pack ajo for that month, police of that country probed the transaction. They said we are operating financial business without license.

There are a lot of things we have not codified into laws in our country, that’s why we dey do anyhow yagayaga.

1 Like

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Kingrshd3: 7:25am On Sep 30

May God bless your generation
They abuse the government for any new policy we try to implement the way they do it in developed countries.

But yet they praise those countries for doing them 🤔..confused citizens

Bluntemperor:
Some don't like good things but have a terrific mindsets that Only See 🙈 Negative -things and they don't even know that -most of what Tinubu is doing are replica of the American System - but they become easy target 🎯 and Condemn them, especially the Obedient people!
e.g the Educational- Loan- is Democratic Party- Baby and the Purpose is :
•To reduce Illiteracy in USA - Not about the high Price and
Similar thing is Called NELFUND SUCCESS Programs here in Nigeria !
•What About the Lagos - Calabar -Coastal -Highway Road 🛣️ Projects - that Some Opposition People were really against - with Different Excuses,but today,has Becomes A Reality,in Nigeria👍👏😅.
1- there is A Coastal -Highway in California - making it the BEST in that State,
2.Also in Ireland - there is a Coastal Highway 🛣️ - Projects that Attract the High and low to that Country.
• All of us Will Soon see the Unprecedented Economic Development Growth 💹 📈 in the 9- Southern States - that the Coastal Highway Passes through.

Re: CBN Raises Regulatory Questions Over Non-Banks Offering Instalment Credit by Kingrshd3: 7:27am On Sep 30

Thank you my brother.

Even in small Ghana u can't open a small shop for business without registering the business due to tax but here in naija we are so free and if Government wants to do what is right to fix d wrong they will still abuse the government

VanuatuWycombe:
CBN doesn’t say shouldn’t pay small small but there has to be regulation. There must be standards to/in doing that. That’s best practice, all over the world.

We dey lawless in Nigeria. That’s why we are so free and see Nigeria as a sweet country to live.

Pay small-small is like offering financial services. So, you need a license for that.

Come to the country where I live. Ordinary monthly contributions money that I sent to who go pack ajo for that month, police of that country probed the transaction. They said we are operating financial business without license.

There are a lot of things we have not codified into laws in our country, that’s why we dey do anyhow yagayaga.

1 Like

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