BREAKING: FCCPC Provides Guidance for Nigerians on Reporting Harassing Loan Apps

The Federal Competition and Consumer Protection Commission (FCCPC) has released a notice to assist Nigerians in reporting loan apps that harass their customers....CLICK HERE TO READ THE FULL ARTICLE➤

Loan apps became more popular in Nigeria after the emergence of President Muhammadu Buhari as citizens depend on them (loan apps) for swift financial help. However, when borrowers are unable to repay on time, some of these lenders resort to harassment tactics, which often include sending embarrassing messages—complete with photos—to the borrowers’ contacts.

In some cases, the publish the photo of their debtor with a message that the person is sick or a wanted armed robber.

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In April 2024, BBC Pidgin reported that this harassment had resulted in severe consequences, with some victims even losing their jobs due to public shaming and humiliation.

Previous reports indicated that the FCCPC was taking measures to block loan apps that engage in such abusive practices.

On Friday, the FCCPC reaffirmed its dedication to consumer protection by offering guidance on how to report these lenders.

“Are you being harassed by loan apps or unscrupulous businesses? No consumer should live in fear! The FCCPC is here for you, ensuring your rights are upheld and businesses operate fairly,” the message posted on X stated. ...CLICK HERE TO READ THE FULL ARTICLE➤

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