The Federal Lawmaker, representing Egbeda/Ona Ara Federal constituency, Hon. Akin Alabi has moved a motion the curtail the excesses of online loan providers in the Country.

The major pay day loan providers had earlier resorted to underhanded tactics like harassing the entire contact list of alleged loan defaulters and breaching their privacy in the process.

Hon Akin Alabi, in his motion stated that these companies have been operating outside the principles of fair and lawful processing of personal data as required under the Nigeria Data
Protection Regulation and other relevant provisions on data protection in Nigeria.

Hon Alabi called on the CBN to provide better regulation for these financial service providers, and for the the National Information Technology Development Agency (NITDA) to ensure strict
adherence to the Nigerian Data Protection Regulation by all online loan providers.

JavaScript90:
he just want to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral

Nancyfa5:
Ok

DoggoneDogg:
He should move a motion to shut down bet companies that manipulate customers' tickets to dodge hooge payouts first.

PrinceOfLagos:
Akin said , One Sokoloan company sent him message that someone on his contact list collected loan and used his name as guarantor.

And that the sokaloan company been calling and sending him threatening messages. But unknown to Sokoloan, the man they've been calling and insulting s a serving senator.

JavaScript90:
he just want to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral