Aja made the statement on Friday via his official X account, stressing that digital lenders must comply with the Central Bank of Nigeria’s Consumer Protection Regulations, particularly the clause on borrowers’ “Ability to Repay.”
Quoting directly, Aja wrote:
“If the borrower cannot repay, do not offer a loan. All loan apps in Nigeria must adhere to the Ability to Repay law.”
His remarks come against the backdrop of the Federal Competition and Consumer Protection Commission’s (FCCPC) recently launched framework aimed at curbing the excesses of loan sharks and unregulated money lenders.
Under the new rules, operators who violate the guidelines risk fines of up to ₦100 million or 1 per cent of their annual turnover, in addition to the possible disqualification of directors for as long as five years.
The FCCPC had explained that the move was necessary to protect vulnerable Nigerians who have been subjected to exploitative interest rates, harassment, and unethical recovery practices by some loan providers.
By reinforcing compliance, Aja noted, the sector can restore credibility and prevent further economic hardship for low-income earners already burdened by inflation and a high cost of living.
Industry stakeholders believe the new enforcement drive will also encourage responsible lending, improve financial inclusion, and promote sustainable growth in the digital lending ecosystem.
