Nigerian Consumer Credit: Law, Regulation and Market Insights
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cham
Springer International Publishing AG
2022
|
| Ausgabe: | 1st ed |
| Schriftenreihe: | Palgrave Macmillan Studies in Banking and Financial Institutions Series
|
| Schlagworte: | |
| Online-Zugang: | HWR01 |
| Beschreibung: | Description based on publisher supplied metadata and other sources |
| Beschreibung: | 1 Online-Ressource (347 Seiten) |
| ISBN: | 9783031117404 |
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| 505 | 8 | |a Intro -- Preface -- Acknowledgments -- Contents -- Abbreviations -- List of Legislation -- List of Cases -- 1 Introduction -- 1.1 Background of the Study -- 1.2 Research Question -- 1.2.1 Neoliberalism -- 1.2.2 Consumer Credit/Debt -- 1.3 Significance of the Study -- 1.4 Research Methodology -- 1.4.1 Background to Interviews -- 1.4.1.1 Interview Sample -- 1.4.1.2 Sampling Technique and Limitations of Study -- 1.4.2 Summary of Interview Findings -- 1.5 Overview of Book -- 2 Rationale for Consumer Credit Regulation -- 2.1 The Utility of Consumer Credit -- 2.2 The Schools of Thought -- 2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH) -- 2.2.2 The PIH and Consumer Borrowing in Nigeria -- 2.2.2.1 Future Incomes Will Continue to Grow -- 2.2.2.2 Demand for Credit Is a Choice -- 2.2.2.3 There Is an Endless Pool of Lenders to Borrow From -- 2.3 Consumer Credit as a Perilous Product -- 2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers -- 2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State -- 2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy -- 2.4 Rationale for Regulating Consumer Credit -- 2.4.1 Market Construction -- 2.4.2 Correcting Market Failures -- 2.4.2.1 Monopoly and Coordination -- 2.4.2.2 Information Failures -- 2.4.2.3 Credit Rationing and Adverse Selection -- 2.4.2.4 Moral Hazard -- 2.4.3 Prevention of Systemic Risk and Externalities -- 2.4.4 Behavioural Economics (BE) -- 2.4.4.1 Hyperbolic Discounting -- 2.4.4.2 Overconfidence -- 2.4.4.3 Framing Effects and Status Quo Bias -- 2.5 A Human Right Rationale for Consumer Credit Regulation -- 2.5.1 Economic Rights and Human Capability -- 2.5.2 Consumer Credit as a Human Capability -- 2.5.2.1 A Right to Consumer Credit -- 2.5.2.2 Consumer Protection as a Human Right | |
| 505 | 8 | |a 2.5.3 An American Case Study: The Community Reinvestment Act 1977 -- 2.6 Summary -- 3 Sources of Consumer Credit Regulation in Nigeria -- 3.1 An Overview of the Nigerian Legal System -- 3.1.1 Statutory Law -- 3.1.2 Case Law/Common Law -- 3.1.3 International Law -- 3.2 Legislative Sources of Consumer Credit Regulation in Nigeria -- 3.2.1 Market-Wide Regulation/Legislation -- 3.2.1.1 The Central Bank of Nigeria Act 2007 -- 3.2.1.2 Banks and Other Financial Institutions Act 2020 -- 3.2.1.3 Corporate and Allied Matters Act 2020 -- 3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON) -- 3.2.1.5 The Credit Reporting Act 2017 -- 3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA') -- 3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018 -- 3.2.1.8 Arbitration and Conciliation Act LFN 2004 -- 3.2.1.9 Sheriff and Civil Process Act LFN 2004 -- 3.2.1.10 Investment and Securities Act 2007 -- 3.2.1.11 Evidence Act 2011 -- 3.3 The Structure of Lending in Nigeria -- 3.4 Formal Sector -- 3.4.1 Commercial Banks -- 3.4.2 Microfinance Institutions -- 3.5 Semi-Formal Sector -- 3.5.1 Moneylenders, Hire-Purchase, and Pawnbrokers -- 3.5.2 Cooperative Societies -- 3.5.3 Fintech Start-Ups -- 3.6 Selected Subsidiary Legislation Applicable to Fintech in Nigeria -- 3.6.1 Mobile Money Regulations -- 3.6.2 Agent Banking Regulations -- 3.7 Summary -- 4 Consumer Credit and Customary Law in Nigeria -- 4.1 The Scope of Customary Law Under the Nigerian Legal System -- 4.2 Forms of Consumer Credit Under Customary Law -- 4.3 Forms of Consumer Credit Under Customary Law -- 4.3.1 Informal Sector -- 4.3.2 Markets Emerging in Response to Regulation ('Black Market') -- 4.4 Customary Moneylenders -- 4.4.1 Family and Friends -- 4.4.2 Rotating Savings and Credit Associations (ROSCAs) -- 4.4.3 Vendor Credit | |
| 505 | 8 | |a 4.5 Jurisdiction Over Informal Credit Contracts -- 4.6 Summary -- 5 Paradigms in Consumer Credit Regulation -- 5.1 Mapping an Evolving Paradigm: The New Approach to Credit Regulation After the Global Recession -- 5.2 The Reign of the Consumer Borrower -- 5.2.1 The Legitimation of Consumer Protection Agencies -- 5.2.2 A Robust Understanding of 'Fair Treatment' in Financial Markets -- 5.3 The Collapse of the Information Paradigm -- 5.3.1 Form -- 5.3.2 Format and Plain Language -- 5.3.3 Key Fact Statements -- 5.3.4 Consumer Testing -- 5.4 From Compensation to Apprehension/Prevention -- 5.5 The New Assumptions About Consumer Borrower Welfare -- 5.5.1 The Lost Allure of Credit and Reversal of the Democratisation Narrative -- 5.5.2 Financialisation and the Perpetuation of Class Disparities in Credit Access -- 5.5.3 Human Rights and Access to Consumer Credit: From Boon to Foil -- 5.6 A New Paradigm for Credit Regulation? -- 5.7 Summary -- 6 A Synopsis of Consumer Lending Patterns in Formal Financial Institutions and Lenders' Responses to Regulatory Reforms in Nigeria -- 6.1 Background to Interviews -- 6.2 Findings: How Formal Lending Practices Respond to Financial Reforms -- 6.2.1 Unintended Outcomes of Financial Reforms -- 6.2.2 Prudential Regulation: Banking Consolidation -- 6.2.3 Credit for Production -- 6.2.4 Anti-Money Laundering Regulation -- 6.2.5 From a Regime of Control to a Regime of Transparency -- 6.3 Summary and Discussion of Findings on Lenders' Attitudes to Consumer Credit -- 6.4 Structures of Lending and Consumer Welfare Implications: Formality V Informality -- 6.5 Commercial Banks and Mfis -- 6.6 Informal and Semi-Formal Lenders -- 6.6.1 Family and Friends -- 6.6.2 Cooperatives -- 6.6.3 Fintech Start-Ups -- 6.7 Default Risk and Consequences Across Lending Channels -- 6.7.1 A Familiar Tale of Corruption and Institutional Weaknesses | |
| 505 | 8 | |a 6.8 Moneylenders and Extreme Abuses of Consumer Rights -- 6.8.1 Formal Lenders: Same Medicine, Subtler Methods -- 6.9 Summary -- 7 Implications of Findings for Theory and Policy -- 7.1 The Gulf Between Ideology and Policy in Nigeria -- 7.2 The Case for Consumer Credit in Nigeria -- 7.2.1 Consumer Credit as a Form of Social Insurance -- 7.2.2 Consumer Credit and Institutional Efficiency -- 7.3 Who Should Borrow in Nigeria? -- 7.4 'Subprime' Borrowers -- 7.5 Middle- and Lower-Income Borrowers -- 7.5.1 The American Model -- 7.5.2 Digital Credit -- 7.6 Self-Excluding Borrowers -- 7.7 How to Protect Consumer Borrowers -- 7.7.1 From Consumer Access [as an End] to Consumer Welfare in Nigeria -- 7.7.2 Freedom of Contract and Social Legislation: The Doctrine of Force Majeure -- 7.8 Non-Debt Income Sources -- 7.8.1 Universal Basic Income -- 7.8.2 Consumer Debt and Labour Policy -- 7.9 Rethinking the Role of Transnational Institutions in Initiating Policy Shift in Nigeria -- 7.10 Summary -- 7.11 Suggestions for Further Study -- Appendices -- Interview Questions -- A. Regulator (Central Bank of Nigeria) -- B. Regulator (Small and Medium Enterprises Development Agency of Nigeria) -- C. Formal Sector Lenders -- D. Semi-Formal Lenders (Cooperative Societies and Credit Unions) -- E. Official of the Budget Office and National Planning (Ministry of Finance) -- Bibliography -- Index | |
| 650 | 4 | |a Consumer credit-Law and legislation | |
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Datensatz im Suchindex
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| author | Omede, Philemon Iko-Ojo |
| author_facet | Omede, Philemon Iko-Ojo |
| author_role | aut |
| author_sort | Omede, Philemon Iko-Ojo |
| author_variant | p i o o pio pioo |
| building | Verbundindex |
| bvnumber | BV049408542 |
| collection | ZDB-30-PQE |
| contents | Intro -- Preface -- Acknowledgments -- Contents -- Abbreviations -- List of Legislation -- List of Cases -- 1 Introduction -- 1.1 Background of the Study -- 1.2 Research Question -- 1.2.1 Neoliberalism -- 1.2.2 Consumer Credit/Debt -- 1.3 Significance of the Study -- 1.4 Research Methodology -- 1.4.1 Background to Interviews -- 1.4.1.1 Interview Sample -- 1.4.1.2 Sampling Technique and Limitations of Study -- 1.4.2 Summary of Interview Findings -- 1.5 Overview of Book -- 2 Rationale for Consumer Credit Regulation -- 2.1 The Utility of Consumer Credit -- 2.2 The Schools of Thought -- 2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH) -- 2.2.2 The PIH and Consumer Borrowing in Nigeria -- 2.2.2.1 Future Incomes Will Continue to Grow -- 2.2.2.2 Demand for Credit Is a Choice -- 2.2.2.3 There Is an Endless Pool of Lenders to Borrow From -- 2.3 Consumer Credit as a Perilous Product -- 2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers -- 2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State -- 2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy -- 2.4 Rationale for Regulating Consumer Credit -- 2.4.1 Market Construction -- 2.4.2 Correcting Market Failures -- 2.4.2.1 Monopoly and Coordination -- 2.4.2.2 Information Failures -- 2.4.2.3 Credit Rationing and Adverse Selection -- 2.4.2.4 Moral Hazard -- 2.4.3 Prevention of Systemic Risk and Externalities -- 2.4.4 Behavioural Economics (BE) -- 2.4.4.1 Hyperbolic Discounting -- 2.4.4.2 Overconfidence -- 2.4.4.3 Framing Effects and Status Quo Bias -- 2.5 A Human Right Rationale for Consumer Credit Regulation -- 2.5.1 Economic Rights and Human Capability -- 2.5.2 Consumer Credit as a Human Capability -- 2.5.2.1 A Right to Consumer Credit -- 2.5.2.2 Consumer Protection as a Human Right 2.5.3 An American Case Study: The Community Reinvestment Act 1977 -- 2.6 Summary -- 3 Sources of Consumer Credit Regulation in Nigeria -- 3.1 An Overview of the Nigerian Legal System -- 3.1.1 Statutory Law -- 3.1.2 Case Law/Common Law -- 3.1.3 International Law -- 3.2 Legislative Sources of Consumer Credit Regulation in Nigeria -- 3.2.1 Market-Wide Regulation/Legislation -- 3.2.1.1 The Central Bank of Nigeria Act 2007 -- 3.2.1.2 Banks and Other Financial Institutions Act 2020 -- 3.2.1.3 Corporate and Allied Matters Act 2020 -- 3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON) -- 3.2.1.5 The Credit Reporting Act 2017 -- 3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA') -- 3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018 -- 3.2.1.8 Arbitration and Conciliation Act LFN 2004 -- 3.2.1.9 Sheriff and Civil Process Act LFN 2004 -- 3.2.1.10 Investment and Securities Act 2007 -- 3.2.1.11 Evidence Act 2011 -- 3.3 The Structure of Lending in Nigeria -- 3.4 Formal Sector -- 3.4.1 Commercial Banks -- 3.4.2 Microfinance Institutions -- 3.5 Semi-Formal Sector -- 3.5.1 Moneylenders, Hire-Purchase, and Pawnbrokers -- 3.5.2 Cooperative Societies -- 3.5.3 Fintech Start-Ups -- 3.6 Selected Subsidiary Legislation Applicable to Fintech in Nigeria -- 3.6.1 Mobile Money Regulations -- 3.6.2 Agent Banking Regulations -- 3.7 Summary -- 4 Consumer Credit and Customary Law in Nigeria -- 4.1 The Scope of Customary Law Under the Nigerian Legal System -- 4.2 Forms of Consumer Credit Under Customary Law -- 4.3 Forms of Consumer Credit Under Customary Law -- 4.3.1 Informal Sector -- 4.3.2 Markets Emerging in Response to Regulation ('Black Market') -- 4.4 Customary Moneylenders -- 4.4.1 Family and Friends -- 4.4.2 Rotating Savings and Credit Associations (ROSCAs) -- 4.4.3 Vendor Credit 4.5 Jurisdiction Over Informal Credit Contracts -- 4.6 Summary -- 5 Paradigms in Consumer Credit Regulation -- 5.1 Mapping an Evolving Paradigm: The New Approach to Credit Regulation After the Global Recession -- 5.2 The Reign of the Consumer Borrower -- 5.2.1 The Legitimation of Consumer Protection Agencies -- 5.2.2 A Robust Understanding of 'Fair Treatment' in Financial Markets -- 5.3 The Collapse of the Information Paradigm -- 5.3.1 Form -- 5.3.2 Format and Plain Language -- 5.3.3 Key Fact Statements -- 5.3.4 Consumer Testing -- 5.4 From Compensation to Apprehension/Prevention -- 5.5 The New Assumptions About Consumer Borrower Welfare -- 5.5.1 The Lost Allure of Credit and Reversal of the Democratisation Narrative -- 5.5.2 Financialisation and the Perpetuation of Class Disparities in Credit Access -- 5.5.3 Human Rights and Access to Consumer Credit: From Boon to Foil -- 5.6 A New Paradigm for Credit Regulation? -- 5.7 Summary -- 6 A Synopsis of Consumer Lending Patterns in Formal Financial Institutions and Lenders' Responses to Regulatory Reforms in Nigeria -- 6.1 Background to Interviews -- 6.2 Findings: How Formal Lending Practices Respond to Financial Reforms -- 6.2.1 Unintended Outcomes of Financial Reforms -- 6.2.2 Prudential Regulation: Banking Consolidation -- 6.2.3 Credit for Production -- 6.2.4 Anti-Money Laundering Regulation -- 6.2.5 From a Regime of Control to a Regime of Transparency -- 6.3 Summary and Discussion of Findings on Lenders' Attitudes to Consumer Credit -- 6.4 Structures of Lending and Consumer Welfare Implications: Formality V Informality -- 6.5 Commercial Banks and Mfis -- 6.6 Informal and Semi-Formal Lenders -- 6.6.1 Family and Friends -- 6.6.2 Cooperatives -- 6.6.3 Fintech Start-Ups -- 6.7 Default Risk and Consequences Across Lending Channels -- 6.7.1 A Familiar Tale of Corruption and Institutional Weaknesses 6.8 Moneylenders and Extreme Abuses of Consumer Rights -- 6.8.1 Formal Lenders: Same Medicine, Subtler Methods -- 6.9 Summary -- 7 Implications of Findings for Theory and Policy -- 7.1 The Gulf Between Ideology and Policy in Nigeria -- 7.2 The Case for Consumer Credit in Nigeria -- 7.2.1 Consumer Credit as a Form of Social Insurance -- 7.2.2 Consumer Credit and Institutional Efficiency -- 7.3 Who Should Borrow in Nigeria? -- 7.4 'Subprime' Borrowers -- 7.5 Middle- and Lower-Income Borrowers -- 7.5.1 The American Model -- 7.5.2 Digital Credit -- 7.6 Self-Excluding Borrowers -- 7.7 How to Protect Consumer Borrowers -- 7.7.1 From Consumer Access [as an End] to Consumer Welfare in Nigeria -- 7.7.2 Freedom of Contract and Social Legislation: The Doctrine of Force Majeure -- 7.8 Non-Debt Income Sources -- 7.8.1 Universal Basic Income -- 7.8.2 Consumer Debt and Labour Policy -- 7.9 Rethinking the Role of Transnational Institutions in Initiating Policy Shift in Nigeria -- 7.10 Summary -- 7.11 Suggestions for Further Study -- Appendices -- Interview Questions -- A. Regulator (Central Bank of Nigeria) -- B. Regulator (Small and Medium Enterprises Development Agency of Nigeria) -- C. Formal Sector Lenders -- D. Semi-Formal Lenders (Cooperative Societies and Credit Unions) -- E. Official of the Budget Office and National Planning (Ministry of Finance) -- Bibliography -- Index |
| ctrlnum | (ZDB-30-PQE)EBC7079069 (ZDB-30-PAD)EBC7079069 (ZDB-89-EBL)EBL7079069 (OCoLC)1344541820 (DE-599)BVBBV049408542 |
| dewey-full | 346.669073 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 346 - Private law |
| dewey-raw | 346.669073 |
| dewey-search | 346.669073 |
| dewey-sort | 3346.669073 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| edition | 1st ed |
| format | Electronic eBook |
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Paradigms in Consumer Credit Regulation -- 5.1 Mapping an Evolving Paradigm: The New Approach to Credit Regulation After the Global Recession -- 5.2 The Reign of the Consumer Borrower -- 5.2.1 The Legitimation of Consumer Protection Agencies -- 5.2.2 A Robust Understanding of 'Fair Treatment' in Financial Markets -- 5.3 The Collapse of the Information Paradigm -- 5.3.1 Form -- 5.3.2 Format and Plain Language -- 5.3.3 Key Fact Statements -- 5.3.4 Consumer Testing -- 5.4 From Compensation to Apprehension/Prevention -- 5.5 The New Assumptions About Consumer Borrower Welfare -- 5.5.1 The Lost Allure of Credit and Reversal of the Democratisation Narrative -- 5.5.2 Financialisation and the Perpetuation of Class Disparities in Credit Access -- 5.5.3 Human Rights and Access to Consumer Credit: From Boon to Foil -- 5.6 A New Paradigm for Credit Regulation? -- 5.7 Summary -- 6 A Synopsis of Consumer Lending Patterns in Formal Financial Institutions and Lenders' Responses to Regulatory Reforms in Nigeria -- 6.1 Background to Interviews -- 6.2 Findings: How Formal Lending Practices Respond to Financial Reforms -- 6.2.1 Unintended Outcomes of Financial Reforms -- 6.2.2 Prudential Regulation: Banking Consolidation -- 6.2.3 Credit for Production -- 6.2.4 Anti-Money Laundering Regulation -- 6.2.5 From a Regime of Control to a Regime of Transparency -- 6.3 Summary and Discussion of Findings on Lenders' Attitudes to Consumer Credit -- 6.4 Structures of Lending and Consumer Welfare Implications: Formality V Informality -- 6.5 Commercial Banks and Mfis -- 6.6 Informal and Semi-Formal Lenders -- 6.6.1 Family and Friends -- 6.6.2 Cooperatives -- 6.6.3 Fintech Start-Ups -- 6.7 Default Risk and Consequences Across Lending Channels -- 6.7.1 A Familiar Tale of Corruption and Institutional Weaknesses</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">6.8 Moneylenders and Extreme Abuses of Consumer Rights -- 6.8.1 Formal Lenders: Same Medicine, Subtler Methods -- 6.9 Summary -- 7 Implications of Findings for Theory and Policy -- 7.1 The Gulf Between Ideology and Policy in Nigeria -- 7.2 The Case for Consumer Credit in Nigeria -- 7.2.1 Consumer Credit as a Form of Social Insurance -- 7.2.2 Consumer Credit and Institutional Efficiency -- 7.3 Who Should Borrow in Nigeria? -- 7.4 'Subprime' Borrowers -- 7.5 Middle- and Lower-Income Borrowers -- 7.5.1 The American Model -- 7.5.2 Digital Credit -- 7.6 Self-Excluding Borrowers -- 7.7 How to Protect Consumer Borrowers -- 7.7.1 From Consumer Access [as an End] to Consumer Welfare in Nigeria -- 7.7.2 Freedom of Contract and Social Legislation: The Doctrine of Force Majeure -- 7.8 Non-Debt Income Sources -- 7.8.1 Universal Basic Income -- 7.8.2 Consumer Debt and Labour Policy -- 7.9 Rethinking the Role of Transnational Institutions in Initiating Policy Shift in Nigeria -- 7.10 Summary -- 7.11 Suggestions for Further Study -- Appendices -- Interview Questions -- A. Regulator (Central Bank of Nigeria) -- B. Regulator (Small and Medium Enterprises Development Agency of Nigeria) -- C. Formal Sector Lenders -- D. Semi-Formal Lenders (Cooperative Societies and Credit Unions) -- E. Official of the Budget Office and National Planning (Ministry of Finance) -- Bibliography -- Index</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Consumer credit-Law and legislation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Credit-Nigeria</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Omede, Philemon Iko-Ojo</subfield><subfield code="t">Nigerian Consumer Credit</subfield><subfield code="d">Cham : Springer International Publishing AG,c2022</subfield><subfield code="z">9783031117398</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-30-PQE</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034735626</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">https://ebookcentral.proquest.com/lib/hwr/detail.action?docID=7079069</subfield><subfield code="l">HWR01</subfield><subfield code="p">ZDB-30-PQE</subfield><subfield code="q">HWR_PDA_PQE</subfield><subfield code="x">Aggregator</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049408542 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T23:05:37Z |
| indexdate | 2024-07-10T10:06:16Z |
| institution | BVB |
| isbn | 9783031117404 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034735626 |
| oclc_num | 1344541820 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (347 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Springer International Publishing AG |
| record_format | marc |
| series2 | Palgrave Macmillan Studies in Banking and Financial Institutions Series |
| spelling | Omede, Philemon Iko-Ojo Verfasser aut Nigerian Consumer Credit Law, Regulation and Market Insights 1st ed Cham Springer International Publishing AG 2022 ©2022 1 Online-Ressource (347 Seiten) txt rdacontent c rdamedia cr rdacarrier Palgrave Macmillan Studies in Banking and Financial Institutions Series Description based on publisher supplied metadata and other sources Intro -- Preface -- Acknowledgments -- Contents -- Abbreviations -- List of Legislation -- List of Cases -- 1 Introduction -- 1.1 Background of the Study -- 1.2 Research Question -- 1.2.1 Neoliberalism -- 1.2.2 Consumer Credit/Debt -- 1.3 Significance of the Study -- 1.4 Research Methodology -- 1.4.1 Background to Interviews -- 1.4.1.1 Interview Sample -- 1.4.1.2 Sampling Technique and Limitations of Study -- 1.4.2 Summary of Interview Findings -- 1.5 Overview of Book -- 2 Rationale for Consumer Credit Regulation -- 2.1 The Utility of Consumer Credit -- 2.2 The Schools of Thought -- 2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH) -- 2.2.2 The PIH and Consumer Borrowing in Nigeria -- 2.2.2.1 Future Incomes Will Continue to Grow -- 2.2.2.2 Demand for Credit Is a Choice -- 2.2.2.3 There Is an Endless Pool of Lenders to Borrow From -- 2.3 Consumer Credit as a Perilous Product -- 2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers -- 2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State -- 2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy -- 2.4 Rationale for Regulating Consumer Credit -- 2.4.1 Market Construction -- 2.4.2 Correcting Market Failures -- 2.4.2.1 Monopoly and Coordination -- 2.4.2.2 Information Failures -- 2.4.2.3 Credit Rationing and Adverse Selection -- 2.4.2.4 Moral Hazard -- 2.4.3 Prevention of Systemic Risk and Externalities -- 2.4.4 Behavioural Economics (BE) -- 2.4.4.1 Hyperbolic Discounting -- 2.4.4.2 Overconfidence -- 2.4.4.3 Framing Effects and Status Quo Bias -- 2.5 A Human Right Rationale for Consumer Credit Regulation -- 2.5.1 Economic Rights and Human Capability -- 2.5.2 Consumer Credit as a Human Capability -- 2.5.2.1 A Right to Consumer Credit -- 2.5.2.2 Consumer Protection as a Human Right 2.5.3 An American Case Study: The Community Reinvestment Act 1977 -- 2.6 Summary -- 3 Sources of Consumer Credit Regulation in Nigeria -- 3.1 An Overview of the Nigerian Legal System -- 3.1.1 Statutory Law -- 3.1.2 Case Law/Common Law -- 3.1.3 International Law -- 3.2 Legislative Sources of Consumer Credit Regulation in Nigeria -- 3.2.1 Market-Wide Regulation/Legislation -- 3.2.1.1 The Central Bank of Nigeria Act 2007 -- 3.2.1.2 Banks and Other Financial Institutions Act 2020 -- 3.2.1.3 Corporate and Allied Matters Act 2020 -- 3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON) -- 3.2.1.5 The Credit Reporting Act 2017 -- 3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA') -- 3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018 -- 3.2.1.8 Arbitration and Conciliation Act LFN 2004 -- 3.2.1.9 Sheriff and Civil Process Act LFN 2004 -- 3.2.1.10 Investment and Securities Act 2007 -- 3.2.1.11 Evidence Act 2011 -- 3.3 The Structure of Lending in Nigeria -- 3.4 Formal Sector -- 3.4.1 Commercial Banks -- 3.4.2 Microfinance Institutions -- 3.5 Semi-Formal Sector -- 3.5.1 Moneylenders, Hire-Purchase, and Pawnbrokers -- 3.5.2 Cooperative Societies -- 3.5.3 Fintech Start-Ups -- 3.6 Selected Subsidiary Legislation Applicable to Fintech in Nigeria -- 3.6.1 Mobile Money Regulations -- 3.6.2 Agent Banking Regulations -- 3.7 Summary -- 4 Consumer Credit and Customary Law in Nigeria -- 4.1 The Scope of Customary Law Under the Nigerian Legal System -- 4.2 Forms of Consumer Credit Under Customary Law -- 4.3 Forms of Consumer Credit Under Customary Law -- 4.3.1 Informal Sector -- 4.3.2 Markets Emerging in Response to Regulation ('Black Market') -- 4.4 Customary Moneylenders -- 4.4.1 Family and Friends -- 4.4.2 Rotating Savings and Credit Associations (ROSCAs) -- 4.4.3 Vendor Credit 4.5 Jurisdiction Over Informal Credit Contracts -- 4.6 Summary -- 5 Paradigms in Consumer Credit Regulation -- 5.1 Mapping an Evolving Paradigm: The New Approach to Credit Regulation After the Global Recession -- 5.2 The Reign of the Consumer Borrower -- 5.2.1 The Legitimation of Consumer Protection Agencies -- 5.2.2 A Robust Understanding of 'Fair Treatment' in Financial Markets -- 5.3 The Collapse of the Information Paradigm -- 5.3.1 Form -- 5.3.2 Format and Plain Language -- 5.3.3 Key Fact Statements -- 5.3.4 Consumer Testing -- 5.4 From Compensation to Apprehension/Prevention -- 5.5 The New Assumptions About Consumer Borrower Welfare -- 5.5.1 The Lost Allure of Credit and Reversal of the Democratisation Narrative -- 5.5.2 Financialisation and the Perpetuation of Class Disparities in Credit Access -- 5.5.3 Human Rights and Access to Consumer Credit: From Boon to Foil -- 5.6 A New Paradigm for Credit Regulation? -- 5.7 Summary -- 6 A Synopsis of Consumer Lending Patterns in Formal Financial Institutions and Lenders' Responses to Regulatory Reforms in Nigeria -- 6.1 Background to Interviews -- 6.2 Findings: How Formal Lending Practices Respond to Financial Reforms -- 6.2.1 Unintended Outcomes of Financial Reforms -- 6.2.2 Prudential Regulation: Banking Consolidation -- 6.2.3 Credit for Production -- 6.2.4 Anti-Money Laundering Regulation -- 6.2.5 From a Regime of Control to a Regime of Transparency -- 6.3 Summary and Discussion of Findings on Lenders' Attitudes to Consumer Credit -- 6.4 Structures of Lending and Consumer Welfare Implications: Formality V Informality -- 6.5 Commercial Banks and Mfis -- 6.6 Informal and Semi-Formal Lenders -- 6.6.1 Family and Friends -- 6.6.2 Cooperatives -- 6.6.3 Fintech Start-Ups -- 6.7 Default Risk and Consequences Across Lending Channels -- 6.7.1 A Familiar Tale of Corruption and Institutional Weaknesses 6.8 Moneylenders and Extreme Abuses of Consumer Rights -- 6.8.1 Formal Lenders: Same Medicine, Subtler Methods -- 6.9 Summary -- 7 Implications of Findings for Theory and Policy -- 7.1 The Gulf Between Ideology and Policy in Nigeria -- 7.2 The Case for Consumer Credit in Nigeria -- 7.2.1 Consumer Credit as a Form of Social Insurance -- 7.2.2 Consumer Credit and Institutional Efficiency -- 7.3 Who Should Borrow in Nigeria? -- 7.4 'Subprime' Borrowers -- 7.5 Middle- and Lower-Income Borrowers -- 7.5.1 The American Model -- 7.5.2 Digital Credit -- 7.6 Self-Excluding Borrowers -- 7.7 How to Protect Consumer Borrowers -- 7.7.1 From Consumer Access [as an End] to Consumer Welfare in Nigeria -- 7.7.2 Freedom of Contract and Social Legislation: The Doctrine of Force Majeure -- 7.8 Non-Debt Income Sources -- 7.8.1 Universal Basic Income -- 7.8.2 Consumer Debt and Labour Policy -- 7.9 Rethinking the Role of Transnational Institutions in Initiating Policy Shift in Nigeria -- 7.10 Summary -- 7.11 Suggestions for Further Study -- Appendices -- Interview Questions -- A. Regulator (Central Bank of Nigeria) -- B. Regulator (Small and Medium Enterprises Development Agency of Nigeria) -- C. Formal Sector Lenders -- D. Semi-Formal Lenders (Cooperative Societies and Credit Unions) -- E. Official of the Budget Office and National Planning (Ministry of Finance) -- Bibliography -- Index Consumer credit-Law and legislation Credit-Nigeria Erscheint auch als Druck-Ausgabe Omede, Philemon Iko-Ojo Nigerian Consumer Credit Cham : Springer International Publishing AG,c2022 9783031117398 |
| spellingShingle | Omede, Philemon Iko-Ojo Nigerian Consumer Credit Law, Regulation and Market Insights Intro -- Preface -- Acknowledgments -- Contents -- Abbreviations -- List of Legislation -- List of Cases -- 1 Introduction -- 1.1 Background of the Study -- 1.2 Research Question -- 1.2.1 Neoliberalism -- 1.2.2 Consumer Credit/Debt -- 1.3 Significance of the Study -- 1.4 Research Methodology -- 1.4.1 Background to Interviews -- 1.4.1.1 Interview Sample -- 1.4.1.2 Sampling Technique and Limitations of Study -- 1.4.2 Summary of Interview Findings -- 1.5 Overview of Book -- 2 Rationale for Consumer Credit Regulation -- 2.1 The Utility of Consumer Credit -- 2.2 The Schools of Thought -- 2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH) -- 2.2.2 The PIH and Consumer Borrowing in Nigeria -- 2.2.2.1 Future Incomes Will Continue to Grow -- 2.2.2.2 Demand for Credit Is a Choice -- 2.2.2.3 There Is an Endless Pool of Lenders to Borrow From -- 2.3 Consumer Credit as a Perilous Product -- 2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers -- 2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State -- 2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy -- 2.4 Rationale for Regulating Consumer Credit -- 2.4.1 Market Construction -- 2.4.2 Correcting Market Failures -- 2.4.2.1 Monopoly and Coordination -- 2.4.2.2 Information Failures -- 2.4.2.3 Credit Rationing and Adverse Selection -- 2.4.2.4 Moral Hazard -- 2.4.3 Prevention of Systemic Risk and Externalities -- 2.4.4 Behavioural Economics (BE) -- 2.4.4.1 Hyperbolic Discounting -- 2.4.4.2 Overconfidence -- 2.4.4.3 Framing Effects and Status Quo Bias -- 2.5 A Human Right Rationale for Consumer Credit Regulation -- 2.5.1 Economic Rights and Human Capability -- 2.5.2 Consumer Credit as a Human Capability -- 2.5.2.1 A Right to Consumer Credit -- 2.5.2.2 Consumer Protection as a Human Right 2.5.3 An American Case Study: The Community Reinvestment Act 1977 -- 2.6 Summary -- 3 Sources of Consumer Credit Regulation in Nigeria -- 3.1 An Overview of the Nigerian Legal System -- 3.1.1 Statutory Law -- 3.1.2 Case Law/Common Law -- 3.1.3 International Law -- 3.2 Legislative Sources of Consumer Credit Regulation in Nigeria -- 3.2.1 Market-Wide Regulation/Legislation -- 3.2.1.1 The Central Bank of Nigeria Act 2007 -- 3.2.1.2 Banks and Other Financial Institutions Act 2020 -- 3.2.1.3 Corporate and Allied Matters Act 2020 -- 3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON) -- 3.2.1.5 The Credit Reporting Act 2017 -- 3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA') -- 3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018 -- 3.2.1.8 Arbitration and Conciliation Act LFN 2004 -- 3.2.1.9 Sheriff and Civil Process Act LFN 2004 -- 3.2.1.10 Investment and Securities Act 2007 -- 3.2.1.11 Evidence Act 2011 -- 3.3 The Structure of Lending in Nigeria -- 3.4 Formal Sector -- 3.4.1 Commercial Banks -- 3.4.2 Microfinance Institutions -- 3.5 Semi-Formal Sector -- 3.5.1 Moneylenders, Hire-Purchase, and Pawnbrokers -- 3.5.2 Cooperative Societies -- 3.5.3 Fintech Start-Ups -- 3.6 Selected Subsidiary Legislation Applicable to Fintech in Nigeria -- 3.6.1 Mobile Money Regulations -- 3.6.2 Agent Banking Regulations -- 3.7 Summary -- 4 Consumer Credit and Customary Law in Nigeria -- 4.1 The Scope of Customary Law Under the Nigerian Legal System -- 4.2 Forms of Consumer Credit Under Customary Law -- 4.3 Forms of Consumer Credit Under Customary Law -- 4.3.1 Informal Sector -- 4.3.2 Markets Emerging in Response to Regulation ('Black Market') -- 4.4 Customary Moneylenders -- 4.4.1 Family and Friends -- 4.4.2 Rotating Savings and Credit Associations (ROSCAs) -- 4.4.3 Vendor Credit 4.5 Jurisdiction Over Informal Credit Contracts -- 4.6 Summary -- 5 Paradigms in Consumer Credit Regulation -- 5.1 Mapping an Evolving Paradigm: The New Approach to Credit Regulation After the Global Recession -- 5.2 The Reign of the Consumer Borrower -- 5.2.1 The Legitimation of Consumer Protection Agencies -- 5.2.2 A Robust Understanding of 'Fair Treatment' in Financial Markets -- 5.3 The Collapse of the Information Paradigm -- 5.3.1 Form -- 5.3.2 Format and Plain Language -- 5.3.3 Key Fact Statements -- 5.3.4 Consumer Testing -- 5.4 From Compensation to Apprehension/Prevention -- 5.5 The New Assumptions About Consumer Borrower Welfare -- 5.5.1 The Lost Allure of Credit and Reversal of the Democratisation Narrative -- 5.5.2 Financialisation and the Perpetuation of Class Disparities in Credit Access -- 5.5.3 Human Rights and Access to Consumer Credit: From Boon to Foil -- 5.6 A New Paradigm for Credit Regulation? -- 5.7 Summary -- 6 A Synopsis of Consumer Lending Patterns in Formal Financial Institutions and Lenders' Responses to Regulatory Reforms in Nigeria -- 6.1 Background to Interviews -- 6.2 Findings: How Formal Lending Practices Respond to Financial Reforms -- 6.2.1 Unintended Outcomes of Financial Reforms -- 6.2.2 Prudential Regulation: Banking Consolidation -- 6.2.3 Credit for Production -- 6.2.4 Anti-Money Laundering Regulation -- 6.2.5 From a Regime of Control to a Regime of Transparency -- 6.3 Summary and Discussion of Findings on Lenders' Attitudes to Consumer Credit -- 6.4 Structures of Lending and Consumer Welfare Implications: Formality V Informality -- 6.5 Commercial Banks and Mfis -- 6.6 Informal and Semi-Formal Lenders -- 6.6.1 Family and Friends -- 6.6.2 Cooperatives -- 6.6.3 Fintech Start-Ups -- 6.7 Default Risk and Consequences Across Lending Channels -- 6.7.1 A Familiar Tale of Corruption and Institutional Weaknesses 6.8 Moneylenders and Extreme Abuses of Consumer Rights -- 6.8.1 Formal Lenders: Same Medicine, Subtler Methods -- 6.9 Summary -- 7 Implications of Findings for Theory and Policy -- 7.1 The Gulf Between Ideology and Policy in Nigeria -- 7.2 The Case for Consumer Credit in Nigeria -- 7.2.1 Consumer Credit as a Form of Social Insurance -- 7.2.2 Consumer Credit and Institutional Efficiency -- 7.3 Who Should Borrow in Nigeria? -- 7.4 'Subprime' Borrowers -- 7.5 Middle- and Lower-Income Borrowers -- 7.5.1 The American Model -- 7.5.2 Digital Credit -- 7.6 Self-Excluding Borrowers -- 7.7 How to Protect Consumer Borrowers -- 7.7.1 From Consumer Access [as an End] to Consumer Welfare in Nigeria -- 7.7.2 Freedom of Contract and Social Legislation: The Doctrine of Force Majeure -- 7.8 Non-Debt Income Sources -- 7.8.1 Universal Basic Income -- 7.8.2 Consumer Debt and Labour Policy -- 7.9 Rethinking the Role of Transnational Institutions in Initiating Policy Shift in Nigeria -- 7.10 Summary -- 7.11 Suggestions for Further Study -- Appendices -- Interview Questions -- A. Regulator (Central Bank of Nigeria) -- B. Regulator (Small and Medium Enterprises Development Agency of Nigeria) -- C. Formal Sector Lenders -- D. Semi-Formal Lenders (Cooperative Societies and Credit Unions) -- E. Official of the Budget Office and National Planning (Ministry of Finance) -- Bibliography -- Index Consumer credit-Law and legislation Credit-Nigeria |
| title | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_auth | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_exact_search | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_exact_search_txtP | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_full | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_fullStr | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_full_unstemmed | Nigerian Consumer Credit Law, Regulation and Market Insights |
| title_short | Nigerian Consumer Credit |
| title_sort | nigerian consumer credit law regulation and market insights |
| title_sub | Law, Regulation and Market Insights |
| topic | Consumer credit-Law and legislation Credit-Nigeria |
| topic_facet | Consumer credit-Law and legislation Credit-Nigeria |
| work_keys_str_mv | AT omedephilemonikoojo nigerianconsumercreditlawregulationandmarketinsights |