Federal Competition and Consumer Protection Commission (FCCPC) has called on Nigerians to report loan apps and businesses that harass or intimidate them over unpaid loans, stressing that no consumer should live in fear.....KINDLY READ THE FULL STORY HERE▶

The commission made the statement on Saturday, saying it is committed to protecting citizens from unfair practices in the growing digital lending sector.

Call to Action

FCCPC officials said Nigerians should file complaints directly through the commission’s website, social media platforms, or physical offices. Consumers are also encouraged to provide evidence such as text messages, call recordings, or screenshots of abusive communications.

“No consumer should live in fear,” the commission said. “Loan repayment must be handled responsibly. Harassment, threats, and intimidation are unacceptable.”

Rising Complaints

The warning comes after an increase in reports of aggressive debt recovery methods by some online loan providers. Many borrowers have alleged that apps publicly shame them, threaten family members, or invade their privacy when loans are not repaid on time.

According to the FCCPC, such practices are illegal and violate consumer protection laws. The agency said businesses found guilty of harassment could face fines, suspension, or permanent shutdown.

Background on Loan Apps

Digital loan apps have become popular in Nigeria due to their quick and easy access to credit. Many citizens, especially small business owners and low-income earners, turn to these platforms because they often lack access to traditional banking services.

However, regulators have raised concerns about how some companies operate. Borrowers often complain of high interest rates, hidden charges, and the use of personal data for public shaming.

The FCCPC has been investigating these issues for several years. In 2022, the commission launched a joint task force with the Central Bank of Nigeria, the Nigerian Police Force, and the National Information Technology Development Agency to address unethical loan recovery practices.

Enforcement Efforts

The FCCPC said it has already sanctioned several loan companies that engaged in harassment. Some were delisted from app stores, while others were forced to change their operations to comply with regulations.

Still, the commission admitted challenges remain, as new loan apps continue to appear online. Many operate without proper registration or approval, making it harder for authorities to monitor them.

“The public should remain vigilant,” the FCCPC said. “Only use digital lenders that are approved and listed on the commission’s registry. Report any suspicious activity immediately.”

Public Reaction

Some Nigerians welcomed the commission’s statement, saying it gave hope to victims of harassment.

“I borrowed a small loan for my business,” said Lagos trader Mariam Adebayo. “When I could not repay on time, they started calling my family and sending messages to my customers. It was very embarrassing. I am glad the FCCPC is speaking up.”

Others urged the government to move beyond warnings and take tougher action against offenders. “People have complained for years,” said activist group Digital Rights Watch. “What Nigerians need is stricter enforcement, not just advice to report cases.”

Next Steps

The FCCPC promised to expand public awareness campaigns and strengthen cooperation with other agencies. It said protecting consumers in the digital lending space is part of its wider mission to promote fairness in Nigeria’s marketplace.

“Loan apps must follow the law,” the agency said. “Consumers have rights, and the commission will defend those rights.”

For now, Nigerians facing harassment are advised to document their experiences and reach out to the FCCPC for help.

The commission said cases will be investigated, and offenders will be held accountable.

With the digital loan sector still growing, experts say the outcome of these efforts will shape how Nigerians access credit in the future.

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