- Loan app owners in Nigeria have been aggressively harassing their customers and their contacts, making loan repayment difficult due to high-interest rates
- The Federal Competition and Consumer Protection Council (FCCPC) has begun regulating the operations of loan app companies, sensitizing the public against the illegal operators
- The FCCPC has licensed 173 loan apps to operate, and they can no longer harass customers, contact their contact lists, or increase interest rates arbitrarily
The activities of loan apps owners across Nigeria have recently become a major source of worry to Nigerians.
Many Nigerians fell to the temptation of taking loans to address their financial challenges. This is chiefly because of their poor understanding of the loan apps’ modus operandi.
