Oluyomi Ola-David Insights

One goal of informal money lenders and formal financial service providers is to have a steady stream of credit-worthy customers who pay off their high- or low-interest loans on schedule. This serves to keep the cycle of credit steady and available throughout business cycles.   Whatever happens when debtors are running late with their scheduled repayments reveal the value systems of the creditors. On one hand, creditors may be patient and understanding, offering extension periods to hitherto faithful customers.  This is with an understanding of the financial history of such customers with the firm. Customers who may have been shown consideration with piecemeal payment options are likely to retain patronage of such financial service firms.   On the other hand, aggressive firms may demonstrate draconian methods (for instance, as reported by customer reviews of Fintech firms operating in Nigeria). These include recruitment of unpleasant customer service representatives, who use ope

The African continent is fast becoming a hub for global investments in financial services, energy generation, goods manufacturing, sanitation and waste management, real estate development, construction, agro-processing, IT development, media and entertainment amongst several others. Consequent to this, African governments urgently need to move beyond promoting investments and creating favourable local business climates that are conducive for foreign direct investments.  I think it is more imperative and welfare-enhancing to build and maintain institutions that effectively and sustainably regulate business practices as well as protect consumers and the environment.  For instance, while the recent growth in the financial services sector, powered by vibrant indigenous and foreign-vested fintechs, has increased competition and innovation in the financial services sector, more is to be desired with respect to compliance with global best practices.  A survey of customer reviews of some forei