The Federal Competition and Consumer Protection Commission (FCCPC) has issued a notice guiding Nigerians on how to report loan apps that harass their customers.
Many Nigerians rely on online loan apps for quick financial assistance; however, when borrowers fail to repay on time, some lenders resort to harassment, including sending embarrassing messages, often with photos, to their contacts.
Increasing concerns and regulatory steps
In April 2024, BBC Pidgin reported that this practice had led to serious problems, with some victims even losing their jobs due to public shame and humiliation.
By May 2024, PUNCH Online reported that the FCCPC was taking steps to block loan apps engaging in such harassment. On Friday, the FCCPC reiterated its commitment to protecting consumers by providing a guide on how to report these lenders.
How to report harassing loan apps
The FCCPC posted on X: “Are you being harassed by loan apps or unfair businesses? No consumer should live in fear! The FCCPC is here for you, ensuring your rights are protected and businesses play fair.”
Steps to report harassing loan apps:
FG announces 50 new loan apps
Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has announced that the total number of approved loan apps in Nigeria is now 211 as of the end of October 2023.
The commission disclosed this in a statement signed by Babatunde Irukera, its Executive Vice-Chairman/Chief Executive Officer. According to details from the statement, the approved loan apps comprise 172 with full approval and 39 others with conditional approval, DailyTrust reports.
Legit.ng reports that as of September this year, the total number of companies that had been fully approved stood at 161, while those with conditional approvals were 40.