Money Lenders Association lauds FG’s moves to protect borrowers

The Money Lenders Association has commended the Federal Government’s effort to protect borrowers from the illegal operations of unregistered and unlicensed digital loan companies.

Mr Gbemi Adelekan, President of the Association, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

According to him, government’s move to regulate the lenders will help change public perceptions of short-term loan providers in Nigeria.

NAN reports that government, through the Federal Competition and Consumer Protection Commission (FCCPC), had, on April 14, published a list of approved digital lenders licensed to operate in Nigeria.

The FCCPC publication titled: “Status of Registration of Fintech/ Digital Companies with FCCPC on the Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022”, showed that 129 companies received full approval.

The commission also gave conditional approval to 48 companies.

Adelekan, also the Managing Director of Trafalgar (Kwikpay Credit), one of the approved digital lenders, said the benefits of digital lenders’ regulation by government would make short-term lenders to be more responsible.

He noted that not all lenders engaged in unwholesome acts of deception, fraud, threats and disseminate personal information of customers to families and friends when loans are not repaid as at when due.

“With the regulation by the government, most of these illegal operators should be eradicated online soon,” he said.

Adelekan said that asides protecting borrowers, the expected benefits of the regulation by the the government, through the FCCPC, include better access to loans, better finance management and greater transparency. He said that the level of intervention by the government in the digital loan industry would increase consumer confidence as people now know that any problem they encounter would be dealt with by the FCCPC.

“Borrowers are more likely to have better access to loans and credit to support livelihood enhancement and economic development.

“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.

“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.

“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,” he said.(NAN)

NIHOTOUR to host 3rd edition of gastronomy festival in June

By Mashe Umaru Gwamna

The National Institute for Hospitality and Tourism (NIHOTOUR), said it will host the 3rd edition of the biggest Gastronomy Festival in Abuja .

This was contained in a statement signed and issued in Abuja, by Director Media and Public Relations, Ahmed Mohammed Sule.

According to the statement, the gastronomy festival is scheduled to hold at the International Conference Centre on the 16th and 17th of June, 2023, tagged Culinary Arts: The Gate Way to Growing Tourism Destination.

The Gastronomy Festival is organized by the National Institute for Hospitality and Tourism (NIHOTOUR), is targeted at the upskilling of Nigerian gastronomes on the essence of the preparation and presentation of traditional Nigerian cuisines to improve the expertise of practitioners in the tourism sector.

Speaking on the highlights of the Gastronomy Festival, Director General and Chief Executive Officer of NIHOTOUR, Nura Kangiwa, said the event will feature amongst others, exhibition of indigenous gastronomy by exhibitors prominent among which are, NIHOTOUR, which as usual, showcase indigenous Nigerian cuisines from the sixgeopolitical zones of the country.

He said this year’s Gastronomy Festival is the third consecutive food and beverage exhibition and sampling event annually organized by NIHOTOUR since 2021.

Leading local food franchises, international cuisines showcase by foreign missions, Jollof War by select west African chefs, and the investiture of NIHOTOUR Fellowships on individuals who have contributed to the development of the nation’s Tourism and Hospitality sector.

Likewise, a masterclass for members of the Association of Nigerian Journalists and Travel Writers (ANJET) facilitated by the director general of the National Council for Arts and Culture (NCAC), Otunba Runsewe, the managing director of News Agency of Nigeria (NAN), Buki Ponle and ex-NTA director, Peter Igho.

Gastronomy Fair, is an opportunity to address the dearth of culinary artistry in the country.

“The festival provides one of the best opportunities for hospitality and tourism stakeholders, students and enthusiasts to have handson learning and perspectives on how to sustain the tourism destinations using gastronomy festivals as promotional tools”.

The statement noted that since the festival started 2021 it has experience over 5,000 visitors including local industry stakeholders and the diplomatic community in Nigeria such as Ethiopia, China and Spain participate showcasing their countries food culture and processes of preparation from the farm to the table.