The Federal Competition and Consumer Protection Commission (FCCPC) has called on Nigerians to report loan apps and businesses that resort to harassment and intimidation over unpaid debts.
The agency emphasized that such tactics are unacceptable, declaring unequivocally: "No consumer should live in fear."
The directive, issued via the FCCPC's official channels on Friday, comes amid a surge in complaints about digital lenders who bombard borrowers with threatening messages, incessant calls, and public shaming—often by sharing embarrassing details or photos with the borrower's contacts.
These unethical debt recovery methods have led to severe consequences, including job losses and mental health struggles for victims. In April 2024, reports highlighted cases where public humiliation from loan apps resulted in professional repercussions for borrowers.
FCCPC Executive Vice Chairman and Chief Executive Officer, Babatunde Irukera, reiterated the commission's commitment to safeguarding consumer rights in the rapidly growing digital lending sector.
As of October 2023, Nigeria boasts 211 approved loan apps—172 with full approval and 39 conditional—yet rogue operators continue to flout regulations.
The FCCPC has previously warned of actions to block non-compliant apps, building on guidelines established in 2022 that mandate registration and ethical practices.
To empower affected consumers, the FCCPC outlined clear steps for filing complaints:Online Portal: Submit details via the official website at fccpc.gov.ng.
Email: Send a formal report to complaints@fccpc.gov.ng, including evidence like screenshots or call logs.
Social Media: Direct message the FCCPC on X (formerly Twitter) at @FCCPCNigeria for swift tracking and response.
The commission assured that all reports will be investigated, with violators facing severe penalties, including potential shutdowns.
"The FCCPC is here for you, ensuring your rights are protected and businesses play fair," the statement read.
This initiative aligns with broader regulatory efforts by the Central Bank of Nigeria (CBN), which prohibits threats, unauthorized contact with relatives, and privacy breaches in debt collection.
Consumer advocates hailed the move as a vital step toward curbing the "loan app nightmare" plaguing millions who turn to these platforms for quick financial relief amid economic pressures.
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