MLA President Warns MSMEs on Negative Credit Histories Impacting Future Funding

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Gbemi Adelekan, President of the Money Lenders Association (MLA), has raised concerns about the damaging impact of poor credit histories on Nigerian Micro, Small, and Medium Enterprises (MSMEs). Speaking with NAN, Adelekan described credit health as a "business passport," stressing that reckless borrowing could hinder future access to funding. He highlighted a growing trend where MSMEs and individuals shift between loan apps, leaving unpaid debts that tarnish their credit profiles. With licensed lenders increasingly reviewing credit reports before granting loans, defaults severely limit the chances of future loan approvals. Seyi Asagun, CEO/MD of Entourage Integrated Trust, joins the conversation to discuss the consequences and possible solutions.
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