Managing Director and Chief Executive Officer, CRC Credit Bureau Limited, Dr Ahmed Popoola, has cautioned young Nigerians against what he called “irresponsible borrowing practices.”
The financial expert handed down the warning while delivering the first collaborative lecture of the Faculty of Management and Social Sciences (FMSS) and the Centre for Advancement and Industrial Collaboration (CAIC) of the Kwara State University, Malete and held at the institution’s permanent site.
Speaking on the the theme:”Finance, Entrepreneurship, and The Infrastructure of Trust,” the credit Bureau boss expressed concerns that “many more young people are increasingly exposed to multiple loan facilities which may not always be financially healthy.”
He cited a case of a young individual managing over 40 loans across different digital lending platforms, noting that such practice if unchecked would subject them to high risk.
The credit bureau boss pointed out that while he was not against borrowing “unsustainable borrowing habits” if unchecked could have grave implications for the borrowers now and in the future.The vice chancellor of the university, Professor Sheikh Lukman Jimoh, said the lecture was one of the ways the university was forging synergy with industry.