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Transnational Regulation, Lenders' Responses and the Needs of Consumer Borrowers in Nigeria

Omede, Philemon Iko-Ojo (2019) Transnational Regulation, Lenders' Responses and the Needs of Consumer Borrowers in Nigeria. Doctor of Philosophy (PhD) thesis, University of Kent,. (Access to this publication is currently restricted. You may be able to access a copy if URLs are provided) (KAR id:81614)

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Language: English

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Abstract

This thesis undertakes an analysis of the developing international paradigm and rationale for regulating consumer credit and their application to Nigeria. The thesis makes an original contribution by problematising the simple application of the transnational model to Nigeria, which currently produces counterproductive outcomes for consumer borrowers. The thesis argues that the emerging transnational paradigm since the Global Recession presents an opportunity for stronger consumer protection and access to credit in Nigeria only if the framework is adapted to the existing institutional structures. To effectively address the research question, the thesis engages with economic neoliberalism as an analytical framework, the influences of psychology (behavioural science) on law, and the historical relationship of Nigeria with transnational institutions. Through a careful analysis of existing literature and a small scale qualitative study, the thesis found: (a) links between transnational regulation and decreased lending by formal sector lenders to consumer borrowers in Nigeria; (b) a weak coalition of change agents at the national level to advance the interests of consumer borrowers, and thus, forsee a role for transnational actors as change agents within the Nigerian credit market; (c) that International Financial Institutions (IFIs) like the World Bank and the International Monetary Fund (IMF) must approach this role from a social protection prism that rests on a new pro-poor 'conditionality', distinct from how conditionality has traditionally been used in Africa. The thesis is a scoping exercise that engages with the research question primarily from the perspective of formal lenders, and designed to facilitate more in-depth studies of the issues in the longer term. It is hoped that the findings of this thesis will stimulate further study. While making policy recommendations, the thesis was careful to avoid broad generalisations.

Item Type: Thesis (Doctor of Philosophy (PhD))
Thesis advisor: Ramsay, Iain
Thesis advisor: Wong, Simone
Uncontrolled keywords: Transnational regulation consumer credit developing countries Nigeria Fintech Non-debt income
Subjects: K Law
Divisions: Divisions > Division for the Study of Law, Society and Social Justice > Kent Law School
SWORD Depositor: System Moodle
Depositing User: System Moodle
Date Deposited: 08 Jun 2020 15:10 UTC
Last Modified: 16 Feb 2021 14:13 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/81614 (The current URI for this page, for reference purposes)
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