Dr. Tampuri makes Strides in Financial Consumer Protection Advocacy
As Quick Credit embraces a new era of responsible lending, Dr. Tampuri continues to champion financial consumer protection, urging the company to prioritize transparency, fairness, and compliance with regulatory standards.
Dr. Mark Yama Tampuri, an academic renowned for his dedication to inclusive finance and financial consumer protection, has played a pivotal role in addressing some practices within the financial industry, notably at Quick Credit & Investment Micro-Credit Ltd (Quick Credit). His tireless efforts have led to significant reforms, highlighting the crucial role of academic advocacy in promoting fairness and transparency in finance.
Dr. Tampuri’s journey began with a thorough investigation into Quick Credit’s operations, uncovering practices of concern in interest rates, loan disclosures, and aggressive debt collection tactics by some of its staff as supported by videos. Armed with compelling evidence, he took swift action by lodging a formal complaint with the Financial Stability Department of the Bank of Ghana on 18th August 2023, exposing Quick Credit’s operation and its impact on consumers.
His advocacy efforts gained momentum as he engaged with regulators and stakeholders last year to address systemic issues within the financial sector. Dr. Tampuri’s persistent calls for accountability and reform resonated with the Financial Stability Department, and among other reasons prompted Quick Credit to suspend its controversial house-to-house debt collection practices and revise its policies to ensure fair treatment of consumers. This significant development marked a critical step towards protecting vulnerable consumers from harassment and exploitation.
Founder and Board Chairman of Quick Credit, Richard Nii Armah Quaye, recently announced a significant policy reversal during the company’s annual gathering at the Accra International Conference Centre (AICC) on Sunday, January 7, 2024. Quaye revealed that Quick Credit would no longer undertake house-to-house recovery of loans, a practice that had drawn widespread criticism due to confrontations between recovery officers and defaulting customers.
In his address, Quaye acknowledged the feedback from stakeholders, including customers, the general public, and regulatory bodies, which prompted the decision to dissolve the company’s house-to-house recovery department. He emphasized the importance of enhancing customer experience and service quality while embracing alternative means of loan recovery to improve operational efficiency.
In an interview with Dr Tampuri, he noted that while he welcomes Quick Credit’s policy reversal as a positive step towards protecting consumers from aggressive debt collection tactics, he continues to advocate for full disclosure of loan terms and transparent lending practices. Dr Tampuri believes that increased transparency is essential to safeguarding consumers’ rights and fostering a more equitable financial ecosystem.
As Quick Credit embraces a new era of responsible lending, Dr. Tampuri continues to champion financial consumer protection, urging the company to prioritize transparency, fairness, and compliance with regulatory standards. His tireless efforts serve as a testament to the importance of academic advocacy in shaping a fairer and more inclusive financial landscape, ultimately benefiting consumers and strengthening trust in the financial system
By David Annan
