WHY YOU SHOULD BEWARE OF UNLICENSED ONLINE SMALL LOAN APPs

Beware of all the online apps that give out small loans in order to harvest your BVNs. Most of them are doing so just to use their access to your BVN against you in the near or far future. Don't forget that banks always warn all their customers not to reveal their BVNs and card details to anyone. They are meant to be kept secret. Don't forget that you won't be poor for life. A time is coming when you will become so big that you will have millions or billions in your bank account. That's when most of the unregistered and unlicensed loan app admins are patiently waiting for to launch their well calculated attack.

Below are some other facts about them and why you shouldn't bother getting that 10k loan by which they will know your BVN:

1. Most or all of them are not registered with the CBN and NDIC and other relevant regulatory agencies. Don't be surprised that some are not even registered with the CAC, which means they are illegal in the eyes of the law.

2. CBN, NDIC and other financial regulatory agencies frown at their activities and so, they warn the public regularly via jingles and lectures not to reveal sensitive and private financial details to them.

3. Most or all of them don't have physical offices. Their office is on the web/app and they try hard in a diplomatic manner not to let anyone know their exact address. I hope you've not forgotten about MMM. If any bad thing happens to your bank money through them, you're on your own. Beware!

4. Even the big and CBN-registered banks don't splash out loans like that. This should even make you suspicious that if big and well established banks are wary to 'dish out' money to all and sundry, who are those behind the phishing apps to entice people with meagre loans just for them to have their BVN? Maybe anyone can help answer this question.

Bottom Line
Beware! Most loan apps are getting people's BVNs to defraud them in the near or far future. A word is enough for the wise!

Thanks for reading.

Writer: Oluwafemi Owoeye(Owofem/Moneyfem)(CEO, OWOFEM SOLUTIONS AND GLOBAL SERVICES)

Yes this could be true.

It was so hard for me to dish out my BVN to them. But what can one do now? I gave to branch and paylater.

How can the CBN come into this to avert this potential risk?

Moderators, pls this thread is very important.
You may help to move it to Frontline.

Thanks.

Very true

Eni n wafa n wofo

So true

If you've already given them your BVN, just accept your fate. But just know that once you start having big money in your bank account, you may just receive a debit alert which I term 'ghost transfer.'

Moneyfem:
WHY YOU SHOULD BEWARE OF UNLICENSED ONLINE SMALL LOAN APPs

Beware of all the online apps that give out small loans in order to harvest your BVNs. Most of them are doing so just to use their access to your BVN against you in the near or far future. Don't forget that banks always warn all their customers not to reveal their BVNs and card details to anyone. They are meant to be kept secret. Don't forget that you won't be poor for life. A time is coming when you will become so big that you will have millions or billions in your bank account. That's when most of the unregistered and unlicensed loan app admins are patiently waiting for to launch their well calculated attack.

Below are some other facts about them and why you shouldn't bother getting that 10k loan by which they will know your BVN:

1. Most or all of them are not registered with the CBN and NDIC and other relevant regulatory agencies. Don't be surprised that some are not even registered with the CAC, which means they are illegal in the eyes of the law.

2. CBN, NDIC and other financial regulatory agencies frown at their activities and so, they warn the public regularly via jingles and lectures not to reveal sensitive and private financial details to them.

3. Most or all of them don't have physical offices. Their office is on the web/app and they try hard in a diplomatic manner not to let anyone know their exact address. I hope you've not forgotten about MMM. If any bad thing happens to your bank money through them, you're on your own. Beware!

4. Even the big and CBN-registered banks don't splash out loans like that. This should even make you suspicious that if big and well established banks are wary to 'dish out' money to all and sundry, who are those behind the phishing apps to entice people with meagre loans just for them to have their BVN? Maybe anyone can help answer this question.

Bottom Line
Beware! Most loan apps are getting people's BVNs to defraud them in the near or far future. A word is enough for the wise!

Thanks for reading.

Writer: Oluwafemi Owoeye(Owofem/Moneyfem)(CEO, OWOFEM SOLUTIONS AND GLOBAL SERVICES)

Not True. Money transmission license is one of the most controlled licenses in Nigeria. BVN is also a national security asset and before anyone receives such a license, they will literally pass through the eye of the needle.

The Federal government is introducing solutions such as quick access to loans in order to create more wealth in the society.


If you have need for a loan and you can pay back, please go ahead and take a facility.


Please, disregard this quack parading as a monetary system expert. Instead of asking people not to take loans or give out their BVN, a more fitting advise would have been to tell people that these small lenders are 'predatory lenders' or 'loan sharks'. Think of them like those money lenders that used to terrorize creditors in the old days.

Their rates are exorbitant; Renmoney charges 45% interest on any facility below N5 Million, in contrast, First Bank charges just 12.4% PA on facilities below N5 Million.

The problem is that some people will take a N100,000 loan and pay N220,000 at the end of the day if they default even once. Some people approach such loans with a flawed mentality and so end up becoming cash cows to these lenders.

That's why I don't use banks

NA WA O

Check my signature for the best data prices and testimonies. I bet you a trial will convince you.

True

I don’t even believe in loan in nigeria

DaCharis2016:
Yes this could be true.

It was so hard for me to dish out my BVN to them. But what can one do now? I gave to branch and paylater.

How can the CBN come into this to avert this potential risk?

Moderators, pls this thread is very important.
You may help to move it to Frontline.

Thanks.

I need an answer to this too

I agree but I know Branch is very legit...over verified sef.

Not true at all.

so transfer can just be done with just your bvn alone ?

Most of them are not to be trusted. Be very careful.


GIVE YOUR SKIN A TREAT, CHECK MY SIGNATURE.

So true

Money can not be withdrawn from you account using BVN.

i find a lot of things wrong with this article.

First of all, your BVN is NOT confidential !!!!!

Your BVN is simply a verification number.

If you have my BVN, what will you do with it?

Withdraw money from my account?

You only need it to confirm my identity. See it like an electronic id card. The Id card is not confidential material.

if the Author had spoken about investing in these companies it would have been a different case.

But from a credit perspective, collecting a collateral free loan has little or no risk.

That being said, oya delete this thread

False. Your BVN is useless to a scammer. Most of these guys are loan sharks.

But ATM cards expire in a couple of years na

How can one withdraw your money with BVN?

I have heard about "ghost transfers" that happens mostly in the midnight but I don't know how they can wipe your money with "only" your bvn

How can somebody withdraw money with just using BVN?

No one else can use your bvn. Stop this unnecessary phobia

Give examples

It's completely impossible

BVN cannot be used to withdraw money from your account ooo!!! Stop spreading stupid rumours and hampering the growth of fintech in Nigeria. BVN can be used to get your banking information (account number, name, e.t.c, e.t.c) and this can be used to launch a social engineering hack on you. A bit of intelligence and a lot less greed will help you stay safe.

Truth....
Just the same way one rubbish investment app debited my account of the last 10k I have....
I only added my card details just to complete the registration and voala, beginning of the month, my 10k vanished... I almost cried, last 10k wey I don budget.. No be person tell me before I went back to remove my details..... I need to wait for 6mnths now before i can get back my 10k.... Who tell them say i don ready to invest sef.....If not for my God-sent woman that helped me out that day, I dont know what would av happened...

Example is "Paylater"

Those people are fraudulent by nature

Reeling in BVNs for 10k

jeff1607:
so transfer can just be done with just your bvn alone ?

That is not true.

Don't mind them

Nice work OP we recognize your efforts in public sensitization.

However, you should rather sensitized President Buhari and APC that their is hunger in the Land, please tell him that he has been decieved that we are out of recession.

Please tell Buhari to also mandate CBN to start mobile loan, nobody abscond with thise app so we will payback.

Stop complaining about platforms which serves as pelliative to the present hunger.

PAYLATER
BRANCH
FAIRMONEY
AELLA

thanks to you guys you have saved me when I was supposed to be disgraced.

OP when you finish sensitizing APC come back here we will listen. Thank you

Moneyfem:
WHY YOU SHOULD BEWARE OF UNLICENSED ONLINE SMALL LOAN APPs

Beware of all the online apps that give out small loans in order to harvest your BVNs. Most of them are doing so just to use their access to your BVN against you in the near or far future. Don't forget that banks always warn all their customers not to reveal their BVNs and card details to anyone. They are meant to be kept secret. Don't forget that you won't be poor for life. A time is coming when you will become so big that you will have millions or billions in your bank account. That's when most of the unregistered and unlicensed loan app admins are patiently waiting for to launch their well calculated attack.

Below are some other facts about them and why you shouldn't bother getting that 10k loan by which they will know your BVN:

1. Most or all of them are not registered with the CBN and NDIC and other relevant regulatory agencies. Don't be surprised that some are not even registered with the CAC, which means they are illegal in the eyes of the law.

2. CBN, NDIC and other financial regulatory agencies frown at their activities and so, they warn the public regularly via jingles and lectures not to reveal sensitive and private financial details to them.

3. Most or all of them don't have physical offices. Their office is on the web/app and they try hard in a diplomatic manner not to let anyone know their exact address. I hope you've not forgotten about MMM. If any bad thing happens to your bank money through them, you're on your own. Beware!

4. Even the big and CBN-registered banks don't splash out loans like that. This should even make you suspicious that if big and well established banks are wary to 'dish out' money to all and sundry, who are those behind the phishing apps to entice people with meagre loans just for them to have their BVN? Maybe anyone can help answer this question.

Bottom Line
Beware! Most loan apps are getting people's BVNs to defraud them in the near or far future. A word is enough for the wise!

Thanks for reading.

Writer: Oluwafemi Owoeye(Owofem/Moneyfem)(CEO, OWOFEM SOLUTIONS AND GLOBAL SERVICES)

Nice work OP we recognize your efforts in public sensitization.

However, you should rather sensitized President Buhari and APC that their is hunger in the Land, please tell him that he has been decieved that we are out of recession.

Please tell Buhari to also mandate CBN to start mobile loan, nobody abscond with thise app so we will payback.

Stop complaining about platforms which serves as pelliative to the present hunger.

PAYLATER
BRANCH
FAIRMONEY
AELLA

thanks to you guys you have saved me when I was supposed to be disgraced.

OP when you finish sensitizing APC come back here we will listen. Thank you