The way many microfinance bank staffs humiliate there customers when there is default in the repayment needs to be checkmate by the government, most of the cases have heard, they usually acted like law enforcer, and take laws in there hand. Humiliate there creditor in his or her working place and even goes to his or her house to create nuisance, ‎
A similar experience was reported to me by a friend who happen to be a victim of a microfinance located in ajah lagos to be precisely, name withheld for now. ‎
My friend collected a loan of one million naira from them sometime in March 2018,for the period of 6month, he was able to make the repayment for the first 3month without any delay, the 4th month, business ware not forthcoming the way its expected, and the repayment was delay for like 12days, the man went to there office to explain and ask for small time for him to be able to raise the money for the 4th month repayment, that same day, the vehicle he drove to there office was impounded, the vehicle was not belong to the man, neither use the vehicle as collateral for the loan, they went to his office to carry some of the tools he uses to make production, despite written them official for either restructure of the loan or an extension for him to be able to pay. They went to his house, shouted on top of there voice, lies to his community members that the man his owe them morethan 2years and his owe them morethan one million, when actually the loan just elapse a month and the remaining ballance was just 208,000naira (two hundred and eight thousand naira)then.
The man camera them the way they came to his house, ransacking his house, all this happen with the supervision of the branch manager of the particular  microfinance in ajah.
Am attaching the video for the Nigeria to see. ‎
The man as already pay above the principal loan he collected, he had paid 1,170,000 naira(one million one hundred and seventy thousand naira) so far and there balance remain 158,000naira(one hundred and fifty eight thousand naira), they are still holding on to a vehicle that doesn't belong to the man.
The vehicle they forcefully and illegally  impounded is more than one million naira in value. They even threatened to sell the vehicle then, to the extend of pasting for sale on it inside there compound.
They have taken all the tools he uses for production in his factory, render him incapacitated so that he willnt be able to pay.
This is just one man story, so many people are suffering similar humiliation from this microfinance people.
Please note, amnt saying defaults in an agreement is justifiable but in a case where your lender is also making you incapacitate so that you willnt be able to pay the money. 
Government need to look in to the activities of all this micro finance bank.‎
‎

Knowing who Nigerians are if you don't behave like a mad person you might never get your money back , I ma sure your friend seeing he has paid a little above the principal sum was looking for way to shelve the rest ..

OP I just saw ur report card,f9 in English but what you are sayin is true.I feel ur pain even though u claim dat it happened to ur friend

His not trying to shelve the rest payment, his business went bad and there was no much sales as expected by him, but be as it may be, is it justifiable for them to continue taken laws in to there hands.
So many people as been a victim of this people, that's why I posted this on politics section for wide deliberation. Some people have been force to sell there property even when the loan his yet to elapse.

FarahAideed:
Knowing who Nigerians are if you don't behave like a mad person you might never get your money back , I ma sure your friend seeing he has paid a little above the principal sum was looking for way to shelve the rest ..

First off, it should be everyone's prayers not to be at the mercy of creditors. I take it that you don't know details of the terms on which your friend borrowed the money. However, I am aware that it would take the heavenlies ti help you not to default in repayment if 1. A substantial part of the loan was deployed to other uses. 2. If the loan amount was used to test a new product /production rather than catering to increased demands on an existing product or business.

You see, it should be non of your business if principal amount is already repaid and I think those fellows hardly entertain talks about restructuring a loan, as a matter of fact, from my involvement with them, once a due date for repayment lapses they start charging #1,500 daily against you for default while also activating all means possible to secure their money.

Please, tell your friend to do well to find the means to offset his loan or test the law if he perceives that he has been unjustly treated.

Above all, avoid loan drags like a plague. Peace!

I heard a story of a man that was owe a microfinance a sum of 800k and he was force to sell his house worth of 6million naira at the rate of 1.5m, without given the person an extension or consideration on the loan,
Things are happening, why am bringing it up is for the government to look in to the activities of this barbaric act they are doing.
Already I will surely help my friend out from this mess, moreso the bank will dearly pay for loss of income for the illegal impounding someone car without any justification.But how many people can have dis same opportunity, that's why there is need for government to intervene.

FarahAideed:
Knowing who Nigerians are if you don't behave like a mad person you might never get your money back , I ma sure your friend seeing he has paid a little above the principal sum was looking for way to shelve the rest ..

The point hear is not because of my friend alone, as I have rightly written in another post, I will surely help him out, my point is what off other people that are facing similar problem and they dnt know what to do?
Are we going to say there action was justifiable?
Immediately they notice my friend was camera them when they came to his house, they quickly rush out of is compound and started behave normal, it's quit unfortunate that the video is large for me to download it here, you will have understand what am actually talking about.
They also know that what they are doing was wrong but they take the advantages of Nigerians mentality for granted.

coldFLARES1:
First off, it should be everyone's prayers not to be at the mercy of creditors. I take it that you don't know details of the terms on which your friend borrowed the money. However, I am aware that it would take the heavenlies ti help you not to default in repayment if 1. A substantial part of the loan was deployed to other uses. 2. If the loan amount was used to test a new product /production rather than catering to increased demands on an existing product or business.

You see, it should be non of your business if principal amount is already repaid and I think those fellows hardly entertain talks about restructuring a loan, as a matter of fact, from my involvement with them, once a due date for repayment lapses they start charging #1,500 daily against you for default while also activating all means possible to secure their money.

Please, tell your friend to do well to find the means to offset his loan or test the law if he perceives that he has been unjustly treated.

Above all, avoid loan drags like a plague. Peace!

What mater most is that you are able to grab the information, if the write up have some error.

shreder:
OP I just saw ur report card,f9 in English but what you are sayin is true.I feel ur pain even though u claim dat it happened to ur friend

It is true that MFB staff becomes hostile to debtors when they fail to make repayments as at when due,
but bliv me, sometin is responsible for that reaction from them.
First, the govt u r calling on to intervene on d matter does nt support the MFBs at all, infact, the govt has assumed a posture to frustrate these guys out of business, how? I will tell u, do u know that these MFBs pay fine to the govt tru CBN wen they hav high PAR? PAR mean Portfolio at risk, that is, the percentage of the money given to debtors that the debtors have refused to pay. In other words, the govt collects fines from MFBs for failing to collect their monies from debtors. Do u understand? I bet u do.
Secondly, the role of govt in deepening financial inclusion tru Microfinance shud center solely on SUPERVISION and REGULATION of service providers, but wat is buhari and osinbajo doin today? buyin votes for 2019 election by disbursing trader money loans all over the country like loan officers and by so doin, the govt had become a competitor to MF investors and service providers who cannot compete with FG for obvious reasons.
Thirdly, the decision to announce the closure of over 150 MFBs recently has thrown the sector into serious and negative perception quagmire, people no longer hav confidence to save wit dis banks anymore and this will in turn increase their cost of sourcing funds wit serious ripple effects on operations.
I have so much to say but i am very busy right now.
My advice to u and those interested in takin loans from MFBs out there, take wat u can conveniently repay, stop diverting biz loans, endeavor to preserve good credit behavior and finds ways to conform to the loan contract terms u signed with the banks.

Very sound analysis, I agree with you, what baffle me is the harassment and unfriendly behaviour after given out the loan to a client. They will beg you to collect the loan, immediately you collect it from them, you become there main target of harassment.
Amnt against the MFB going after there debtor but they should do it in the cover of the rule of law.
How can we explain or justify there action when you are even incapacitate your debtor more when the loan is yet to be elapse.
For example, my friend that was a victim run a bakery business, they went to his bakery, took some of the machine his using to produced, they didn't sell it, neither allow him to use it to produced so that he can make money and pay his balance loan. I was soo touch when he explain all the humiliation he has been facing from them since the day he collected the loan. What they use to do it, they will end up selling people properties at a very unreasonable price to some of there cronies, they will make you incapacitated toward the end of the loan, so that you willnt be able to pay it back.
According to the victim, the day they went to his house to harass him, immediately they notice the man as started recording them, they drop all his property they are claiming they wanted to takeaway.
This isn't a banana Republic where animal rules. If we tell people to start given testimony of the kind of humiliation they suffer in the hands of MFB staff, you will cry for this country.
I believe it's because people has really not be complaining about them openly, that's why they keep doing it, or may be that's why government didn't caution there activities yet.

pedrilo:
It is true that MFB staff becomes hostile to debtors when they fail to make repayments as at when due,
but bliv me, sometin is responsible for that reaction from them.
First, the govt u r calling on to intervene on d matter does nt support the MFBs at all, infact, the govt has assumed a posture to frustrate this guys out of business, how? I will tell u, do u know that these MFBs pay fine to the govt tru CBN wen they hav high PAR? PAR mean Portfolio at risk, that is, the percentage of the money given to debtors that the debtors have refused to pay. In other words, the govt collects fines from MFBs for failing to collect their monies from debtors. Do u understand? I bet u do.
Secondly, the role of govt in deepening financial inclusion tru Microfinance shud center solely on SUPERVISION and REGULATION of service providers, but wat is buhari and osinbajo doin today? buyin votes for 2019 election by disbursing trader money loans all over the country like loan officers and by so doin, the govt had become a competitor to MF investors and service providers who cannot compete with FG for obvious reasons.
Thirdly, the decision to announce the closure of over 150 MFBs recently has thrown the sector into serious and negative perception quagmire, people no longer hav confidence to save wit dis banks anymore and this will in turn increase their cost of sourcing funds wit serious ripple effects on operations.
I have so much to say but i am very busy right now.
My advice to u and those interested in takin loans from MFBs out there, take wat u can conveniently repay, stop diverting biz loans, endeavor to preserve good credit behavior and finds ways to agree to the loan contract terms u signed with the banks.

gbolah1:
Very sound analysis, I agree with you, what baffle me is the harassment and unfriendly behaviour after given out the loan to a client. They will beg you to collect the loan, immediately you collect it from them, you become there main target of harassment.
Amnt against the MFB going after there debtor but they should do it in the cover of the rule of law.
How can we explain or justify there action when you are even incapacitate your debtor more when the loan is yet to be elapse.
For example, my friend that was a victim run a bakery business, they went to his bakery, took some of the machine his using to produced, they didn't sell it, neither allow him to use it to produced so that he can make money and pay his balance loan. I was soo touch when he explain all the humiliation he has been facing from them since the day he collected the loan. What they use to do it, they will end up selling people properties at a very unreasonable price to some of there cronies, they will make you incapacitated toward the end of the loan, so that you willnt be able to pay it back.
According to the victim, the day they went to his house to harass him, immediately they notice the man as started recording them, they drop all his property they are claiming they wanted to takeaway.
This isn't a banana Republic where animal rules. If we tell people to start given testimony of the kind of humiliation they suffer in the hands of MFB staff, you will cry for this country.
I believe it's because people has really not be complaining about them openly, that's why they keep doing it, or may be that's why government didn't caution there activities yet.

listen, MFBs borrow from commercial banks who ask for tangible collateral. And these commercial banks will gladly confisticate the collateral if the MFBs dnt pay bak as agreed n d govt will also collect fines if the mfb dnt collect d loans they disbursed to pipo like u n ur friend. So u can see dat d MfB is between d devil n d deep blue sea.
Mfb require clients to hav guarantors who can bail them out wen business cash flow is low. U n ur friend need serious mfb pre loan training b4 takin loans from mfb.
Dnt bring human ryt into this issue at all because the money u collected and refused to repay belongs to anoda person n ur refusal to pay him is a denial of his own "human" ryt of access to his funds.
To borrow is good, to repay is better and to use it well is best.

Point of correction, I didn't collect loan from MFB neither am I willing to do it in future, moreso have been able to help him out from the situation today it's self, I heard of it yesterday and am able to solve the problem today. my point is the way to go about the retrieving of the found and the number of people that as been a victim,
What about the man that collected loan from MFB and he was force to sell a property worth of 6million naira at the rate of 1.5m to there cronies. Why most you incapacitate your debtor when the loan is yet to be elapse.
Am 100percent in support of going after any debtor, but do it with the cover of the law.

pedrilo:
listen, MFBs borrow from commercial banks who ask for tangible collateral. And these commercial banks will gladly confisticate the collateral if the MFBs dnt pay bak as agreed n d govt will also collect fines if the mfb dnt collect loans they disbursed to pipo like u n ur friend. So u can see dat d MfB is between d devil n d deep blue sea.
Mfb require clients to hav guarantors who can bail them out wen business cash flow is low. U n ur friend need serious mfb pre loan training b4 takin loans from mfb.
Dnt bring human ryt into this issue at all because the money u collected and refused to repay belongs to anoda person n ur refusal to pay him is a denial of his own ryt of access to his funds.
To borrow is good, to repay is better and to use it well is best.

gbolah1:
Point of correction, I didn't collect loan from MFB neither am I willing to do it in future, moreso have been able to help him out from the situation today it's self, I heard of it yesterday and am able to solve the problem today. my point is the way to go about the retrieving of the found and the number of people that as been a victim,
What about the man that collected loan from MFB and he was force to sell a property worth of 6million naira at the rate of 1.5m to there cronies. Why most you incapacitate your debtor when the loan is yet to be elapse.
Am 100percent in support of going after any debtor, but do it with the cover of the law.

bros tnx for ur intervention. That's the MFBs intention actually. To mk u feel pity for d client n help. By so doing, u r helping d MfB from losing their collateral to d commercial banks they borrowed from, u r also helping d MfB avoid cbn fines, n lastly u r helping them remain in biz n pay their staff who r mostly from poor homes.
U need to look beyond d surface to understand microfinance ideology. It is a developmental tool.

For example according to him, he pledge his generator and his own car as collateral, they didn't collect his own car, neither taken away his big generator, but they collected a vehicle that wasn't belong to him neither use it for collateral, just because he drove it to there office to explain his situation to them. Do you really understand the implication of such act.
After I heard the story from the man, I ask him to bring out the contract document he signed for me to read it if there is anywhere they wrote it that whatever they found on him will be confiscated from him in respective of the owner.

pedrilo:
listen, MFBs borrow from commercial banks who ask for tangible collateral. And these commercial banks will gladly confisticate the collateral if the MFBs dnt pay bak as agreed n d govt will also collect fines if the mfb dnt collect loans they disbursed to pipo like u n ur friend. So u can see dat d MfB is between d devil n d deep blue sea.
Mfb require clients to hav guarantors who can bail them out wen business cash flow is low. U n ur friend need serious mfb pre loan training b4 takin loans from mfb.
Dnt bring human ryt into this issue at all because the money u collected and refused to repay belongs to anoda person n ur refusal to pay him is a denial of his own ryt of access to his funds.
To borrow is good, to repay is better and to use it well is best.

pedrilo:
It is true that MFB staff becomes hostile to debtors when they fail to make repayments as at when due,
but bliv me, sometin is responsible for that reaction from them.
first, the govt u r calling on to intervene on d matter does nt support the MFBs at all, infact, the govt has assumed a posture to frustrate this guys out of business, how? I will tell u, do u know that these MFBs pay fine to the govt tru CBN wen they hav high PAR? PAR mean Portfolio at risk, that is, the percentage of the money given to debtors that the debtors have refused to pay. In other words, the govt collects fines from MFBs for failing to collect their monies from debtors. Do u understand? I bet u do.
Secondly, the role of govt in deepening financial inclusion tru Microfinance shud center solely on SUPERVISION and REGULATION of service providers, but wat is buhari and osinbajo doin today? buyin votes for 2019 election by disbursing trader money loans all over the country like loan officers and by so doin, the govt had become a competitor to MF investors and service providers who cannot compete with FG for obvious reasons.
Thirdly, the decision to announce the closure of over 150 MFBs recently has thrown the sector into serious and negative perception quagmire, people no longer hav confidence to save wit dis banks anymore and this will in turn increase their cost of sourcing funds wit serious ripple effects on operations.
I have so much to say but i am very busy right now.
My advice to u and those interested in takin loans from MFBs out there, take wat u can conveniently repay, stop diverting biz loans, endeavor to preserve good credit behavior and finds ways to agree to the loan contract terms u signed with the banks.

I will never argue with anyone who calls Nigeria a zoo again

Can you imagine such nonsense, it's so painful Nigeria might not develop during my lifetime

I still don't understand why the Nigeria government can't just make life so easy for we Nigerians, I'm in my mid 20's and I can fully assure you that I've never enjoyed anything from the Nigerian state/government.

It's so painful been a Nigerian.

BabaOwen:
I will never argue with anyone who calls Nigeria a zoo again

Can you imagine such nonsense, it's so painful Nigeria might not develop during my lifetime

I still don't understand why the Nigeria government can't just make life so easy for we Nigerians, I'm in my mid 20's and I can fully assure you that I've never enjoyed anything from the Nigerian state/government.

It's so painful been a Nigerian.

Don't worry Nigeria will develop and be great in your generation, the more we citizen are ready to pinpoint out the wrong doing our leaders are doing and people knows there right, gradually we will overcome this challenges.

pedrilo:
bros tnx for ur intervention. That's the MFBs intention actually. To mk u feel pity for d client n help. By so doing, u r helping d MfB from losing their collateral to d commercial banks they borrowed from, u r also helping d MfB avoid cbn fines, n lastly u r helping them remain in biz n pay their staff who r mostly from poor homes.
U need to look beyond d surface to understand the microfinance ideology

Quite some quality education you've afforded me on the subject. Thumbs up bruh!

coldFLARES1:
Quite some quality education you've afforded me on the subject. Thumbs up bruh!

my pleasure.

gbolah1:
For example according to him, he pledge his generator and his own car as collateral, they didn't collect his own car, neither taken away his big generator, but they collected a vehicle that wasn't belong to him neither use it for collateral, just because he drove it to there office to explain his situation to them. Do you really understand the implication of such act.
After I heard the story from the man, I ask him to bring out the contract document he signed for me to read it if there is anywhere they wrote it that whatever they found on him will be confiscated from him in respective of the owner.

pikin wey say him mama no go sleep shud also be ready for nyt vigil.
Try to repay ur debt sir. Tnx for ur understanding