₦airaland Forum

Kennitrust:
But why will you borrow on a condition of time fix and then breach the term and then be expecting the loan shark to look the other way.



If there should be rules or fine on harassment,
Let the government do the lending by themselves

richiemcgold:
Both the lenders and the debtors are thieves. How do you want me to pay 40k for a loan of 16,500? Dey play

puremaker7:
If somebody borrow money from you and refuse to pay, take him to court instead of harassment, and how can you expect someone who is broke in the first place to take loan of 20k and pay interest of 14k in space of 1 week..

You guys are thieves

Ijaya123:
Were you blindfolded or someone held a gun to you head when taking the loan?

WORWOR1963:
Sapa never worry u!!!! Dey form posh oooo!!! Abi u haven't heard of unforeseen occurrence abi?

LoanShark:
Do you have any idea how much it costs to start legal proceedings in this country?


Starting legal proceeding because of a debt of less than a million is pointless except if you intentionally want to teach the person a very bitter lesson

smileyoo:
lol. but whatever business you are doing, why not apply fairness ?
because you know that some Nigerians are financially stranded and gullible citizens,
you decided to exploit their vulnerability, ignoring CBN guidelines on loans lending in Nigeria .

LoanShark:
A person who cannot repay a loan of 40K after several reminders has no basis to sue for defamation if the lender decides to publicly shame him to recover his money!

mastermaestro:
Some people borrow with no intention to repay the loan. How will a business survive if such reckless behaviours persist and are rampant? It's someone's investment for goodness sake. Make una dey use conscience.

mastermaestro:
This is the exact reason traditional banks don't lend money to random individuals. Many Nigerians have terrible credit score. Loan repayment culture is non-existent. Most people treat loans as gifts the moment they access them.

mastermaestro:
Some people borrow with no intention to repay the loan. How will a business survive if such reckless behaviours persist and are rampant? It's someone's investment for goodness sake. Make una dey use conscience.

adenigga:
The Federal Competition and Consumer Protection Commission (FCCPC) has rolled out regulations to curb harassment, data breaches, and other unethical practices by digital lenders in Nigeria.

This was disclosed in a statement signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, which quoted the Commission’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello, as unveiling the new framework in Abuja on Wednesday.

“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.

“These regulations draw a clear line that innovation is welcome, but not at the expense of the rights and dignity of consumers or the rule of law,” the CEO noted.

Bello added, “The regulations provide the legal tools to hold violators accountable and promote responsible digital finance. No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.”


The statement noted that the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025, took effect on 21 July.

Made pursuant to Sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act (2018), the rules introduce a comprehensive framework to safeguard consumers in Nigeria’s fast-growing digital credit market.

Under the provisions, all digital lenders must register with the FCCPC within 90 days of commencement, with approval subject to meeting standards of transparency, data compliance, and consumer protection.

Non-compliant operators face penalties of up to ₦100 million or 1% of turnover, as well as possible disqualification of directors for up to five years.

The rules prohibit pre-authorised or automatic lending, ban unethical marketing, compel accessible loan terms, and require local ownership of at least one service provider for airtime and data lending services.

They also mandate joint registration of lender partnerships and restrict monopolistic agreements without prior FCCPC approval.

The Commission urged all Mobile Money Operators (MMOs), Digital Money Lenders (DMLs) and service partners to obtain application forms, guidelines and compliance requirements.


Consumers have also been encouraged to report unlawful or unregistered lenders, unfair interest rates, or privacy violations.


Source: https://www.channelstv.com/2025/09/03/fccpc-unveils-rules-to-end-loan-app-harassment-impose-%E2%82%A6100m-sanctions

faithfull18:
Thank you oh, why not borrow from family and friends so you don't pay interest. It's the free money mindset. Nigerians call God everywhere with no actual fear of God. The loan apps didn't force them to download, neither did they force them to take the loan, they saw the interest rate yet still went ahead to collect it.

Most Nigerians need iron hand when dealing with them. Loans apps should probably stop the business, let everybody visit their banks.

smileyoo:
lol. why not go to the reviews of these loan sharks on play stores and view the complains of Nigerians against these loan sharks, before blaming these vulnerable citizens ?
some of these loan sharks don't abide by their own loan agreements.
customers negotiated monthly loan payments, but after disbursement of funds, they change it to weekly loan payments, when you decided to return the money, you start experiencing failed transactions, after one week and the customer couldn't pay up, the loan sharks, start adding dubious daily default interest, alongside the main interest.
within short space of time the vulnerable citizens develop hbp and kpai .
Pls pity Nigerians instead of blaming them.
Fccpc should totally place a ban on all those 7 days loan apps, because they are exploiting and killing Nigerians .

puremaker7:
If somebody borrow money from you and refuses to pay, take the person to court instead of harassment, and how do you expect someone who is broke in the first place to take loan of 20k and pay interest of 14k in space of 1 week..

You guys are thieves

Nefort:
Nobody forced you to borrow. If you can't pay back with huge interest then DO NOT BORROW.

Kennitrust:
But why will you borrow on a condition of time fix and then breach the term and then be expecting the loan shark to look the other way.



If there should be rules or fine on harassment,
Let the government do the lending by themselves

Nefort:
Nobody forced you to borrow. If you can't pay back with huge interest then DO NOT BORROW.

LoanShark:
Did you not see the terms before you agreed to the loan?

MarkNsukkaBread:
So because the major investors are big politicians that means you should borrow and not pay back, right?

adenigga:
Source: https://www.channelstv.com/2025/09/03/fccpc-unveils-rules-to-end-loan-app-harassment-impose-%E2%82%A6100m-sanctions

einsteine:
The job of the lender is to ensure he only lends to people who can pay back. There is a reason no first world nation criminalises non payment of debt. In fact, in the US, you can wipe out your debt by declaring bankruptcy. Sure you would suffer consequences such as a terrible credit score but that's an allowance for poor financial circumstances.

Lender beware.

Lenders cannot use illegal tactics and predatory lending to make money. They charge high interest rates which pretty much guarantees that a lot of their customers will default.

jojo1415:
All these one week/two weeks repayment of loans should be stopped...Loan repayment should start from a month to 6months and enough time frame without harassment should be introduced,everybody knows as Nigeria is currently....most businesses r struggling to survive because of bad govt policies.

Lanretoye:
When you agree to terms and conditions you never read before you take their loans,FCCPC no Dey there

Rapmoney:
And you expect the borrower to pay the said money after defamation? Dey play.

MartinsD12:
You made a point bankruptcy, US is a country that understand life and welfare of her citizens unlike Nigeria, imagine what these loan sharks are doing to Nigerians because of the economic hardship, if I could remember vividly before 2015 there was nothing like loan apps, they can't try that their nonsense in developed countries they will pay for damages and infringement of people right

faithfull18:
Thank you oh, why not borrow from family and friends so you don't pay interest. It's the free money mindset. Nigerians call God everywhere with no actual fear of God. The loan apps didn't force them to download, neither did they force them to take the loan, they saw the interest rate yet still went ahead to collect it.

Most Nigerians need iron hand when dealing with them. Loans apps should probably stop the business, let everybody visit their banks.

UncleSuru:
But you will keep spamming the person with calls to come and borrow. Are you not forcing the person indirectly?

mastermaestro:
They won't get shishi from family and friends because most of them have squandered their goodwill and credibility. Na why them dey run go loan app. I have never had any reason to use a loan app or explore external options to get a loan. Every borrowing has been within family and friends circle. This completely removes the burden of interests. You will easily get a loan from friends and family when they know you to always pay back.

However, most of these defaulters cannot get a Kobo from family and friends circle anymore because of this same terrible borrowing culture. Them go collect loan, then begin use you talk. Them fit abuse and fight you join sef.