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Federal And State Governments Were Consigned To Regulate Informal Thrift Services

Customers and Operators are to be defend decently with the Federal and State Governments regulate informal thrift and loan services in our country, Nigeria.

The consign was given by Chief Silas Ifeanyi, Managing Director of Fund Trust Savings and Loans Multipurpose Cooperative Society Limited, Onitsha, Anambra State, after the end of a two-day road show by the staff of his company in markets in Onitsha to celebrate three years of successful operation.

He said, “Unlike banking sector which Central Bank of Nigeria (CBN) strictly regulates, this sub-sector is not regulated and to that extent there had been lots of abuses. There is need for integrity among the operators and customers in this sub-sector in the discharge of their financial services to the public to create confidence among the stakeholders.”

He lamented that many who engaged in thrift businesses were not sincere.

“They just come into the business to defraud the people,” he stated.

The former Assistant General Manager of FSB said the dishonesty was also found among the customers, saying that integrity and honesty are very expensive in the operation of the business as some people who took loan default, necessitating the change in the strategy of his company to head-off this risk.
DoLLy— Yo

DoLLy— Yo

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