According to a statement issued by the commission’s acting Executive Vice Chairman/ Chief Executive Officer, Dr. Adamu Abdullahi, the body noted the rise in violations committed by the different loan apps occasioned by the increase in the number of Nigerians who have turned to the loan apps to make ends meet.
Abdullahi in the statement said: “The Commission understands the increased demand for loans during this time of year, leading to an increased risk of default due to large numbers and typical cash flow challenges and constraints.
“However, the solution cannot be to violate the law or utilise unethical recovery methods. As such, the Commission is intensifying enforcement efforts and adopting a zero-tolerance stance towards any exploitation of consumers or abusive conduct, whether in balance calculations, loan default enforcement, or recovery processes.
