xyz123456:

Please, I am just curious. what's the implication of not paying? Since its online, can the come to arrest loan defaulters?

There are many actions that can be taken to recover their loan.
1- They flag your BVN: Any other banks or institutions associated with your BVN can be contacted to seize your money through credit bureau (this is their major collateral, though it may take time because you cannot register for another BVN)
2- They can contract people on your contact list to help them talk to you.
3- They can post your pictures online because they have access to your phone, before few weeks people will give details about you.

All these and many more are in their terms and conditions we hurriedly agree to during registration.