The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has called upon Nigerians to notify authorities about loan apps and companies that engage in harassment, intimidation, or unethical practices regarding overdue loans.
This initiative is a reaction to the plethora of complaints from Nigerians concerning the aggressive and frequently unlawful strategies employed by certain digital lending services to recoup loans.
These strategies encompass:
Defamation: Publicly humiliating borrowers by reaching out to their contacts or disclosing their information online.
Harassment: Bombarding borrowers with relentless calls, messages, and threats.
Intimidation: Utilizing threatening language or actions to compel repayment.
Privacy violations: Accessing and abusing borrowers’ personal information without their approval.
The FCCPC has made it abundantly clear that such practices are intolerable and infringe upon consumer rights. Those affected are urged to report these occurrences through their official communication channels.