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Nigerian fintech companies shame, threaten customers for late payment of loans


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YETUNDE Adewole lost her phone in June. She got a replacement weeks later, including a new SIM card and everything went back to normal.

She didn’t give a thought to the missing phone or the SIM card until rumours started flying around in July.

Yetunde owed money. An online loan fintech company was sending WhatsApp and text messages to everyone in Yetunde’s inner circle that she was a debtor and fraudster.

Her close friends, former schoolmates, and work colleagues received these messages, three or four times daily.

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“I tried explaining to everyone on my contact list, whom I could get in touch with, that I didn’t take any loan from the online loan company and it has not been easy trying to clear my name for something I didn’t do.

“It was a really traumatic experience. My biggest regret was failing to block the line when my phone went missing,” she told The ICIR.

Yetunde had never taken a loan from an online loan app, but she failed to block her SIM card after her phone went missing.

A WhatsApp message from one of the fintech companies, with Yetunde’s picture alongside.

If a missing phone fell into the hands of a scammer, a transaction could be done on the account of the phone owner without his or her knowledge.

All the scammer who picked up Yetunde’s SIM card needed to do was, download the online loan app, enter a fictitious financial detail, and let the algorithm generate a credit rating.

The fintech creditor usually asks for permission to access the contacts on the SIM card before the loan is approved, a process that takes barely an hour.

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The scammer used Yetunde’s SIM card to take multiple loans from several online loan apps which included: NairaPlus, EasyCredit, TrueNaira, GoCash, CashLion and LCredit.

One month after, the online loan companies hounded Yetunde’s contacts, saying her payments for the loan was due.

She later reported the case to the law enforcement authorities and got a Police report and written affidavit.

The Police assured her of their intervention, promising that the messages by the fintech creditors to people on her contact list would cease.

Two weeks later, her friends still sent her screenshots of the threat messages by the fintech loan companies.

For thousands of Nigerians like Yetunde, whose identities were stolen by scammers, the online loan companies helped to publicly shame them without properly vetting their identities.

A data-sharing breach

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On August 17, the National Information and Technology Development Agency (NITDA), slammed Soko Lending Company, a Nigerian online lending platform, with a fine of ₦10 million for privacy invasion.

This was after a series of complaints against the company for unauthorised disclosures, failure to protect customers’ personal data and defamation of character.

A key basis for the fine was the company’s ‘privacy-invading messages’ to defaulting customers’ contacts when they did not pay back loans.

This clearly violates Article 2.2 of the Nigeria Data Protection Regulation (NDPR), which bans illegal data sharing with third parties without a legal basis.

The ICIR reviewed the terms of service of six loan apps hosted on Google Play Store which included: NairaPlus, EasyCredit, TrueNaira, GoCash, CashLion, FairMoney and LCredit.

They all failed to disclose to users downloading the apps that their rights of access to users’ contact lists would be shared with third parties if they defaulted. This does not conform to Google Play Store’s policies.

The updated data privacy policy on the Google Play Store stipulates that apps that offer financial services on its platform should disclose to users what it intends to use their personal information for.

“Your app must post a privacy policy that, together with any in-app disclosures, explain what user data your app collects and transmits, how it’s used, and the type of parties with whom it’s shared,” the policy reads.

Findings by The ICIR show that recovery agents from the six loan apps engage in brazen violations of their clients’ privacy by sending threatening messages to contacts of debtors when they default on their loan obligations.

Edna Inyang, a make-up artist in Abuja, said she got an online loan app from FairMoney but its conditions did not specify they would share their data with a third party when she defaulted.

“One of the conditions for the loan is that they would gain permission to my phone contacts, but they did not say they would share that confidential information with family, relatives or people on your contact list when I default,” she told The ICIR.

In January, a Twitter poll conducted by Techpoint revealed that 56.2 per cent of Nigerians did not care about WhatsApp’s privacy update.

More than half of Africa’s 54 countries have no data protection or privacy laws, according to London-based rights group Article 19.

And while 14 countries do, nine have no regulators to enforce them, the group said.

Social shaming scheme

The online loan companies make use of the social networks of their customers to shame them, based on The ICIR findings.

Defaulting customers are sent messages such as “You will not be able to get a loan from us or any other loan company/bank again”,  or “Your loan will be increasing every day by 5 per cent.”

Sometimes they use threatening messages like, “We are giving you till 4 pm to make your payment today or else.”

Udoma Nseobong had taken a N30,000 loan from CashLion Credit and he paid the weekly interest consistently for six weeks.

When it was time to pay, he defaulted by a day and cleared his debt the next day but the messages were sent to his family members nonetheless.

“I had some challenges that made me default for a day. The second day, even after I’d paid off with charges, I was declared a fraudster on the run with my entire family. I don’t know if the CBN is moderating the activities of these guys,” he said.

A user who identified herself as Feyisetan Salau claimed in the Google Play comments section of NairaPlus that she had been repeatedly contacted about an unpaid loan by representatives who used ‘abusive and threatening language and increased her interest rates.

“However, the loan recovery procedure/tactics this organisation employs is so unprofessional and appalling. Threat isn’t the way – be professional,” she added.

An anonymous University of Abuja student also said the texts cost him his relationship, and another user said his boss almost fired him for embarrassing the company.

There were countless complaints on the loan apps page on Google Play Store indicating deep grief those messages had caused.

To combat debt collection methods by these companies, some people have started gaming the system.

A user said she wrote to her entire contact list to say that her phone had been stolen and that they should ignore any fraudster who might send text messages to them. Then she deleted the app.

While a user might be barred from borrowing from one loan company because of unpaid loans, for example, they could still easily get credit from a competitor.

Though the criticism of these practices has steadily grown, Titilayo Adetonya, a customer representative for CashLion who spoke to The ICIR, justified the methods of debt collection by online loan companies.

“There is no defamation of character involved when we trust people we’ve never seen by giving them money and when it’s time to pay they don’t pay.

“It’s lawful to send those messages to their contacts because we warn them before we send those messages to their contacts and that’s how we get our money,” she said.

A missing fintech link

In Nigeria, prospective customers seeking loans from online apps are expected to download the app, enter their financial details, and let the algorithm generate a credit rating.

Most apps ask for a Bank Verification Number (BVN) and a phone number link to the BVN.

The ICIR searched for the names of the six online loan apps on the Corporate Affairs Commission (CAC) database and their names were missing.

This makes it hard to know who exactly owns an app or even where the money for the loans is coming from.

However, they reveal the location of their physical addresses on their information page on the Google Play Store showing that they are based in Lagos.

The ICIR found out that the loan apps, CashLion, NairaPlus and LCash, were all co-owned by Grola Tech Credit Limited, after tracking its debt collection team leader via a LinkedIn post.

Grola Tech Credit Limited was, however, registered on the CAC database with registration number 1636828 but identified as inactive by the commission. The directors of the company are Chinese national Du Yaoyao and a Nigerian Ayomikun Ogunkanmi

According to Section 58 of the Banks and other Financial Institutions Act (BOFIA), any person wishing to carry a financial business other than insurance and stockbroking in Nigeria shall apply in writing to the Central Bank of Nigeria (CBN) for the grant of a license.

It was not clear if the online loan companies failed to vet the scammers who used Yemisi’s phone number, or whether its rules were not stringent enough to detect dubious customers.

Scammers are likely to succeed unless the online loan companies introduce a high-level multi-factor authentication like pictures and fingerprints, Resources Manager at Fintech Association of Nigeria Seun Folorunso told The ICIR.

“Scammers take advantage of unsuspecting Nigerians who expose their data to extort these loan companies unless they introduce other high-level means of identification to stop them,” he added.


Editor’s Note: This report has been updated by deleting the unsubstantiated claim made against Migo, a popular lending company.

The ICIR regrets this error. 



Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



  1. I didn’t borrow a dime from naira plus only to see messages on my phone from them, threatening me to pay old loan of #6000 and the current loan with interest.At first I thought it was right Tex for wrong peron but they kept disturbing me through lion cash message, naira plus message,. ..I spoke with a lawyer who said I should demand statement of my account and I did there were traces of any loan from these men…then I got interested to serch about them…I got to know that only one person coordinate the activities of these neferious, devilish and doomed group..I Tex to an officer of them that used to call to threaten me that they should send me report on how credit my account… blatantly he refused… only to return after six days that he will forward receipt to me….I said do I buy toys or books ! how come you are talkiy receipt.. jush show me how you credit my account simple.He refused only to demand payment with threatening to shame me if otherwise..no payment and am prepared to find them and sue them for all trauma their wickedness has caused me.

  2. Easy money has been sending text to my wife contacts coz she failed to pay on time and now the loen of 18500 is now up to 45000 within a month I wanted to pay but I couldn’t avaoid that money and it keep increasing this is a real scam and they ve started deducting money from her account this is a real scam. How do you expect a person that couldn’t pay 18500 to pay 45000 this is craziness

  3. I paid lcredit higher than the amount, I mean #16k, instead of them to return it they return it back telling me to lend it oo lol..
    They should do there worse because I won’t pay them Kobo anymore and my contacts? They can’t smell it not to talk of sending them message or calling.

  4. The worst is that some of them posses as Lawyer and begin to send you fake court notice. I am still waiting for them. I don’t them after sending text messages what next? The so called Ncash was sending messages and they foolishly sent threatening messages to my school daughter’s mother and she sent it to her Lawyer and after everything she contacted me and said that I should forward Ncash no that she will file a case against them for involving her in a loan she did not put down signature for. And advice me not to answer them again or pay the loan since they have already tarnish my image and this I confirmed from two lawyers that the best way to win them is to write to them telling them when I will pay the loan and also demand that they pay for damages. They even cut call on me whenever I tell them that I spoke with my lawyer and he said that if I am trying to reason with them and they still went ahead to tag me fraudster and send message to my contacts that the will pay for damages. All of them should just get out.

  5. That’s is how foolish they are I also begged for a little bit of time because my company where I work is closed down and we have not been paid…I don’t mind paying the penalty fee but all they did was threaten me and send threat messages to my mum and contact list…how fair is that and now I have decided not to pay again…after sending the messages to my contact because I have to explain myself so what’s the use of paying back

  6. Soko loan, ncash, go cash, fast money, Didi Cash, Naira plus, cash Sea, 9credit, 9jacredit, and delikes are thieves. Run from them

  7. You can’t send messages to my contacts and expect me to pay. It’s never possible. All the loan apps that are attached to soko lending should be wiped out and also all those short term loans (7days& 14days) should be deleted from Google play store. They’re all bunch of thieves.

  8. Please i need help i also take my life because of lion cashlion, lcredit i was seriously injured and sick for 4months can walk with my legs this people send messages to all my contacts that am a fraud my name is now everywhere

  9. LCredit should be looked into. They are big time fraudsters, stealing more than yahoo boys. The interest they put on late payments is too much — over #300 per day… Please they should look into LCredit, they have aggressive and arrogant customer representatives. And they keep using their bots to disturb customers at 30 mins intervals…

    You keep receiving their robot calls every 30mins

  10. My husband overpaid 9credit. Instead of paying 4,100 he paid 41,000. They would not reply to his mail or talk responsibly to him. Instead they borrowed him back the money {in short of 2k} as loan and still demand for interest. Now they have started sending their nonsense messages. We have decided not to pay anything if they like they should report to buhari. Literally, they are even the ones owing us.

  11. My husband overpaid 9credit. Instead of paying 4,100 he paid 41,000. They would reply to his mail or talk responsibly to him. Instead they borrowed him back the money {in short of 2k} as loan and still demand for interest. Now they have started sending their nonsense messages. We have decided not to pay anything if they like they should report to buhari..

  12. Good morning everyone.

    The annoying thing about this loan apps is some of them will start threaten you on your due date, some of their staff are manner less, lack home training and disrespectful.

    I current have issue with easycredit, I overpaid my loan by 10,000 naira, I have being contacting their customer care through all the available means for refund but no positive response.
    No reply to my mails
    They only pick my call once and cut it off, since then no response again
    Whatapp messages were only respond to once and that is all up til now.

    Let say I was the one owning them money by now, my contact would have started calling me because of series of abusive and reputation damage message they would have start sending to them.

  13. If truly our voice can be heard on this platform, let’s something be done. Am a victim of this loan apps, yes I borrowed with pure intention of paying back, but something went wrong along the line. Their loan recovery officer’s are mannerless, disrespectful. Threats messages are sent to all my contacts via what’sapp. They have no disregard for human lives at all.

    I believe as a well registered organization, there are ways to recover your loan and not use a demeaning tactics. Making people fall into depression to the point of commiting suicide.

    Sokoloan and subordinate
    And whole lot of them need to be looked into seriously. They are causing more harm to the society..
    And few I believe are legit.

    Please the right authority should look into this issue as it’s causing lot of damage to Nigerians as a whole

  14. I know somebody who committed sucide because of Lcredit, she couldn’t bear embarrassment from Lcredit she has to take her life.

  15. Today I woke up and started receiving calls from family and friends that NCASH had been sending messages to them that I’m owing the company and refuses to pay,even after the payment this stupid Chinese people and their Nigeria slaves are using this method to tarnish the image of a person. Governments of Nigeria should do something to check mate this behaviour the way Uganda and Kenya did.

  16. I’m facing same issue from Lcredit app….my phone got stolen, everything wiped out…I later did welcome back and next thing is their daily threat….I don’t default which have pleaded with them to calm down and gimme time but they want to send my account number and bvn to people

  17. Hello Everyone,

    Please go on Google Playstore and report these apps. Search and click on the top right corner and click on “Flag as Inappropriate”


  18. Ncash and xcredit have been sending messages to my contacts via WhatsApp and sms since yesterday,telling them am a criminal just because I failed to pay on time due to my dad’s health who later died. Have been pleading with them that they should give me time but they refused. Theses apps have to be banned,they are sending Nigerians to their early graves. I don’t know if they still expect me to pay after the embarrassment…

  19. To me, how has leading and borrowing become a fraudulent act in Nigeria or is it tag as fraud in the Nigeria constitution? You can’t tag someone fraudster because of borrowing from your company besides the issue of posting someone picture by tarnishing his/her image should be look into.

  20. Good Evening Sir/Ma. Please if a petition needs to be written against those unruly stuff, Please notify me too as well. I got a threatening message from Ncash, Truenaira and other loan apps that my account will be block, they will publish my name on social media and sites and apprehended me because I could not be able to pay at the due date. This is embarrassing and deformation of character. I try to tell their customer staff that I don’t normally default, but something happen to me, I lost everything, My Job, business and they they should give me time, that I will pay them back. The next few hours, They sent text resulting to threatening, that if I didn’t pay up by 10p.m today, my account will be block and my picture will be posted on social media and sites that I am a criminal and fraudster. Please this app needs to be banned and eradicated. I explain to them that they should give me time, that i will pay them. they don’t want to listen, and this is a seven days loan. Please this online loan app needs to stopped.

  21. Am passing through same problem, I welcomed back an old mtn sim coz I use it for WhatsApp and online business, I started receiving calls from strange numbers, text to my contacts, with the name I registered the sim card , am female yet they refer to me as male, sent messages to my contacts, threatening to do this and that, please Lcredit leave me alone I didn’t collect your loan.

  22. I went through the exact situation of defamation as stated in this post.
    There’s also another loan app, Nod credit, they specialize in stealing the same loan approved for an individual via the exposed debit card details.
    Got a loan on the 4th of April this year, later at night that same day, I was debited with 10k and on the 5th I got another 10k debit before I could freeze my account. Both debit alerts carried the name “Fola Esther” whom I later got to know works with them.

  23. Who is responsible for regulating these people ? I have been dealing with them since March 2021 but sometimes in August l couldn’t meet up with payment because l was told to pay before 2pm and l told the guy that l will pay by 4pm Because l was in a meeting and the loan was due on that date by 3pm one of my business associate called me this someone l have been doing business with since 2009, another person cancelled a business deal that gives me weekly income as an external auditor that I normally used to settle these loans. To date l have not balance my financial position.

  24. Please this so called loan company should be properly checked bcoz they’re the one making it almost impossible for people to pay back what they owe, because what they advertise on play store is entirely different from what they offer in their app,.. They are extortionist and fraudster, how can you give a loan of 7000 to pay 11000 plus in 7days that’s 4k interest, please this people should properly checked before it get out of hand…

  25. Wait o. After defaming someone’s character do they still expect the person to pay? Bastards Chinese slave style in this country

  26. I really don’t know what to do right now, if one is ok nobody would have go collect loan. The easimoni loan app and staffs have graduated from defrauding people of their hard-earned money to life threatening actions the have declared me wanted after five transactions. Just because my salary have not being paid and I’ve been due for a loan repayment at of yesterday nothing had not said to me..

  27. I have long been looking for how to report this particular loan App nairaplus. They’ve been threading me with all kind of ill messages. I did took a Loan of 10k to repay 12,700 for 7 days which I initially ended up doing after 8days as I couldn’t make the payment on Sunday due to my busy schedule. I repaid it very early on Monday Monday that made up the 8th day,repayment was confirmed after which I deleted the app off my phonen. Eversince I did this, it’s been one repeated messages to another with threat of sending messages to my contacts and labelling me a criminal. I still have the proof of payment right in my email.
    I really need a help, i really want to report this scammers.

  28. I just received a threatening sms from nkash. Apparently, I just found out it’s a mobile loan app.

    “TREAT AS URGENT: This is to inform the general public that: (someone’s name) Phone: 090******** is a FRAUDSTER AND DECIETFUL PERSON,THIS PERSON has PROVEN to be a RUTHLESS/CHRONIC and UNREMORSEFUL DEBTOR who goes about COLLECTING MONEY from different COMPANIES . this person is currently on the run with our companies money(NCASH) and has refused to pay nor pick our calls. Be informed that this person has been declared wanted. Pls contact us if you have any information about this person as soon as possible, else the company will proceed to the next action, because this person provided us with all your details and if you are not aware of this loan you can as well call the person to delete your information in the app,, because soon the person pictures along side your own pictures will be posted on all social media in the next FEW HOURS……NCASH”.

    I omitted the person’s name and number because I don’t even know for sure whom the person is or if the allegations are true.

    Please I would appreciate it if anyone here knows their true contact details/address of the app owners so I can proceed with a lawsuit, just incase they go ahead with their threats.

    Thanks very much

  29. Pls this loan of a thing should be banned in Nigeria because if u see d way they threatening people,it can make the person commit sucide pls our government should look into this matter

  30. These app loan should be banned from Nigeria because the threatening giving to us is too much, they even call me to tell me dat they would arrest me because of I borrowed a loan of #7000 and I have repay the money which the interested is 10000 and the money is increasing every day. Am just a student ,if not for conduction did they think that we are happy to borrow loan and not to repay it,and again they even threatening to post my picture on social media and news paper that am a fraudulent ,it Shouldn’t be like dat
    Please help us ooo
    These threatening is becoming too much
    If it continues like dis there is probability that am going to kill my self,I don’t even have peace of mind 😭😭😭😭😭😭😭

  31. I am a victim and still a victim. And am suffering from the consequences this loan apps have caused me. There’s this particular one SOKOLOAN, NCash,Gocash,they are unfair and their staffs are rude by using demeaning words, they go as far as calling my parent and leaving threats that they will Bury their daughter she does not pay their loan. Once you take loans me default for 1 or 2days then the trouble starts.

    Now I have issues with this particular app Ncash, I paid off their money by transferring into a wema bank account that was created in my name( Monify) which automatically clear up my loan from the app. Now I mistakenly sent money into that account again which on a normal day I should get someone to reverse the money back but viola they don’t have a company phone number and the stupid email they left is not real. I don’t understand all this.

  32. Am a victim of this loan app 9credit gocash as am typing my name is everywhere now on my contacts with message saying that am a fruadster which my mother die on sickness and I was taking this loan to buy drug’s for her they have tarnish my image everywhere now please help me

  33. These loan apps almost made me commit suicide last week,9cash and Gocash have been sending messages to my contacts,I defaulted because of a family emergency I tried explaining to them to pls wait till month end but they refused,they even called my mum ,my dad,my uncles,aunties,they sent messages to them that am a criminal on the run,my mum called me crying,my dad was almost crying,my uncle called saying I spoilt the family name,the worst part is Go cash has been sending messages to my contacts with a picture of mine that is not descent at all ,they sent to all my WhatsApp contact’s, I almost committed suicide if not for God and they still threaten me daily..Am suffering from depression because of them.

  34. This do called online lenders needs to be apprehended , they are the real thieves, 9cash gave out a loan of #5200 and to repay #8400 for 7days. Haha, this is too bad, I later realized we are working for them ..if u look at it critically you borrowed money and u are paying twice of the money, so where is ur gain. CBN pls stop this people before it turns to #endsars# part 2

  35. My problem is with Lcredit. I mean how can you try to pay back a loan but all their payment platforms aren’t working yet they keep increasing and increasing the late payment fee? Infact, if you try it three times and it fails, the system freezes for 24hrs. I think it’s deliberate. One of their agents even confessed that the network from the app is bad. I even complained to their agents on WhatsApp but got no reply until after sometime when I’ve used the money I had that they sent me an account number without an account name to transfer to. I have screenshots to prove all these.

  36. I just wish people can gather and borrow from these apps well and then let them post and get tired
    We are all victims
    Mine was just 1day overdue and I took their call in the morning but went into an office meeting. They were calling again around 12pm but I was not aware because phone was on silent due to the board meeting and I was the secretary
    When I came out of the meeting, I started receiving sms and calls from my contact list. I saved my 2 other lines on my phone so I go messages too on them
    Was terrible

  37. My brother took a loan from GoCash app which I cleared when I heard about it on 8th Aug 2021, yet, they keep sending threat messages to my family from this number: +234 704 931 4320. I am so tired of this, it’s getting too frustrating

  38. I know of a man to poison himself over this same rubbish & My cousin were he not so head-strong prolly would have followed suit. ​The methods are jst too nasty & uncivilized (and i’m not racist, but if you observe, you’d find most these companies are handled & owned by chinese foreigners).

    Their aim is to bring into Africa, their sick culture which they have successfully implemented in their communist & racist nation, and our Gov’ts here have ZERO control over their actions, because of how heavily indebted they are to theirs.. permitting them to run amock of people’s sense of self.

    Ridiculous interest rates, ridiculous time frames (even by Google’s standards) – What is then left of Africans? Back to Slavery? Slaving to avoid shame? This time by another race? Nah, i don’t support this.

    Not me supporting defaulting, but they should either regulate their methods of retrieval or be banned in toto. They are obviously callous & indifferent towards loss of lives & how this affects the individual’s mental health. All for HOW MUCH? abeg getat!

  39. My wife almost committed suicide because of their threats, till now, she’s still battling depression. if there’s anything we can do to save this situation I’m in. Thank you

  40. Thank you for this expose. It has been going on for a while. Some of these companies are part owned by Chinese nationals. I once sent an email to CBN but they were asking me to to complain to the institution first and get some registration number. Some of them even force the debtors to the roadside to beg for money to pay the loans. Just terrible.

  41. If you are a loan app debt victim, log onto Facebook and search for mobile loan apps debt victims in Nigeria. Join and thank me later.

  42. Am going to sue them and slam a huge claim
    Thank for this your information . Am a victim just this yesterday ,when my family started calling me to verify what happened between me and Ncash . The painful part is that they referred to me and family as wanted criminals declared wanted and they send the defamatory text to my contact that I used them as guarantors and collect loan from them .
    In addition the default charges continue heaping up

  43. This is now a normal thing for the loan apps.
    To be sincere it’s not good to not pay if you have rightly borrowed. Though it’s happening to me.
    But the prob is that, situation might com up and will make you not to fulfill your obligations. You might invest and ends up loosing all but this people no care. Pls no care about the sms cus if u do, u might endanger urself. Just try and pay them off. It’s not easy to bounce back from lost investment especially when your capital is loan.
    It’s because of the law system that’s no too upright.
    How would another person know about my life.
    That’s privacy violation and I see it wrong

  44. My image had been tarnish from online loan am sickle cell cell I borrow money and am yet to repay I told them to give me sometime I will repay they sent serious messages and call to all my contacts that am a fruad that people should not relate with me am dying silently I almost commit suicide they are not helping they contribute to people problem

  45. Am facing the same thing now it’s so depressing and life threatening I pray they do something about it before it gets out of hand.my phone was stolen and used to borrow money on these apps,and these people are messaging my contacts.i have to tell my family members that they should disregard the messages that my phone was stolen.

  46. That’s so disgusting. But, you people should know that our voices may not be heard here. So, if you believe we can raise our voices as loudly as The government and CBN can hear? Chat me up on whataspp let gather together and fight smart. 07045565392

  47. For me I think all these are happening because Nigeria is not a serious country. I’m a victim of the cruelty of these apps. I use them without defaulting in my repayments. But my bank account was hacked by some of these apps. While others will just withdraw my money unauthorised. This crippled me financially. And I couldn’t get money to pay back my loan. I pleaded with them for more time but some refused to heed. Instead they started assassinating my character by sending defamatory meseges to all my contacts via whatsapp and sms.
    At a point I nearly committed suicide because I was so depressed due to the public disgrace.
    Yet their penalty fees are still counting outrageously.
    The CBN ,NITDA and media has failed in their duties. I reported to them but nothing was done about it apart from Sahara reporters that published it. See many Nigerians have died from all these and much more are in line to follow suit. Suicide tendencies have skyrocketed due to the activities of these apps. They will steal from you and still disgrace you.

    Now is time to end this nonsense.

  48. I borrowed money from LCREDIT and was about to pay back when I got an unauthorized debit on my bank account, even though the loan is yet to be matured. I reported the fraud to my bank which investigation is going on. I wrote them to inform them about the situation and also tell them I won’t be able to pay that I don’t mind the charges only to be threatening me by them. Infact, so many representatives calling me with different numbers not minding the fraudulent activity on my account as a result of disclosing my ATM Card.
    What I observed is that all this online loan app are fraudulent in nature. They want to exploit Nigerians. They sold our data which are suppose to be private to third parties not only that even ATM details since there are some lesser transaction that can be done without customer getting OTP which I learnt recently from the bank. I think it is high time all this unprofessional way of doing business stop. Central bank of Nigeria, NITDA and other authorities should sanction them appropriately.

  49. Two questions I want to ask –
    How do the apps get onto the phones of the borrowers?
    When the alert comes to their accounts is it sweet?

    Right now it’s your fault if you loose your SIM and someone gets access to it because it has happened to enough people for us to know better.

  50. Im currently to pay 150k for different app because of the interest and all that and the most annoying and depressing thing is that no matter how I struggle to pay this people interest still accumulate everyday making it difficult for me to clear myself they even went ahead to message my contacts different app oooo abeg government just shut this apps down

  51. One loan company sent me some messages about someone they claimed was owing them money. Not me o, I was one of the person’s contacts. I told them to leave me alone as it was none of my business. After all was I in any way involved in the transaction?

    The person insulted me in reply. I think it’s totally unacceptable and it’s up to Govt to step in and stop the harassment of innocent Nigerians.

  52. The harm these so called online loan apps have caused so far is too much. I suffered the same fate with 9jacash/Gocash (Sokolending company) some weeks back when I took a loan of 30000 naira to repay 37,000 within 7 days. The loan defaulted for a day and penalty charges were added and I paid back 30000 that same day only to discover that my contacts were texted both on WhatsApp and Texts claiming that I absconded with company property and I should be reported to the police. I called the number that sent the texts but it was not picked up. I did some investigations and that the physical address for the recovery team of sokolending is actually at Ikeja, G.R.A on Isaac John street near Radisson blue. The company also has an account with UBA under the name sokolending Richloan with account number 1023408536. I believe the authorities of UBA can avail us with the details of these fraudulent company to curb its activities.

  53. Nice post, but as we all know this is Nigeria and the both parties ( Debtors and Creditors) have some sort of ill contribution to this problem. as much as data privacy violation is totally wrong so is borrowing and not paying back as at when agreed on, my advice to Nigerians is if you are not 100% sure that you can pay back at the stipulated time frame then don’t take quick loans and loan companies should make sure ever customer is vet and guarantors are contacted before giving out any Kobo, lastly you kw why private details is called private it means it shouldn’t be easy to get how can you save all that private information on your phone that can get missing. I don’t see why you will give out your BVN and allow access to your contacts for a loan when you are not 100% sure you will pay back on the agreed time.

  54. This loaning companies are are worse they lied too much.they will advertised pay in 3months or 6months.but they will give you a week to 3weeks to pay back.3 days to the day.they will be calling with their mannerless staff to threaten u.its time to take them to court for their lies.

  55. I believe these loan recovery companies are acting with this much impunity because they believe nothing can be done against them. If not, how do you message everyone on a person contact list because that person took a loan with you? You then go ahead to claim that the person is a fraudster and a scanner. Haba!

    I was called sometimes ago about a client (I’m guessing they never knew the person was my client), the representative who called me was saying all sorts of rubbish. I then asked her, how much did this person borrow? She replied that He borrowed 3000. Can you imagine? Calling someone’s entire contact list and telling them he scammed you because he has defaulted on a loan of 3000, can you just imagine!

    Its a shame our justice system is very slow and ineffective, if not, these loan companies should be slammed with multiple suits for defamation.

  56. To me. NITDA is not living up to her expectations. All these loan App found culpable should be banned for 6montgs

  57. I’m working in a Fintech company & the story you narrated, it’s very fake.. Have 1 thing in mind.. loan from Fintech company is fiat money not cryptocurrency, it has a centralized system so fictitious or not all money transfer can be tracked, I pick your sim, borrow money and send to myself. That has exposed me right. So the stories these people tell you is certainly not story to believe.

  58. This is happening to me right now…truenaira are on my neck to pay i no nothing about they are even calling and sending threats messages to my contacts saying they will post our pictures on social media…that am a thief and am being wanted by police…truenaira,xcredit,ncash,kashkash…my phone was stolen and the person uses my my phone my Sim to collect loan from them,,before i did welcome back…please help us please this company needs to be ban for Good

  59. This is so happening to me,my phone was stolen at my shop and i find it difficult to do welcome back not intill a month ago and i started receiving messages from…N cash,true naira,xcredit and so on that i have to pay for money i no nothing about,even now that am writing truenaira are on my neck texting my contacts that am a thief who ran away with their money that they are going to post my pictures on every social media and that of my contacts..this companies are to be ban for Good…please we need intervention from this frausters call online loans…please help us..

  60. This just happened to me…I’m trying to deal with my family members and friends…I just lost my job and a prospective client because of this…9jacash,quick credit,credit9ja and some others are guilty of this…How can I forget run cash,there was a particular number that called most of my contacts,sent threatening messages and spoke so rudely to me…The only reason why most people go for online loan is because we feel it’s better and more confidential but why will a private affair become a public affair because my loan was due by a few days with incurring credit…Will they go back to message my contacts that I’ve paid them…I’m so frustrated right now…

  61. I had same issues with Naija cash, so I borrowed 22 thousand and I was to pay back 30k which I mistakenly paid twice, the agent who cleared me informed me about it even before my bank, I tried to get my money back and I didn’t the agent said I should take another loan so it will be used for it which I did, after a while they said I did not pay for my loan the next is that they started sending messages to my contacts saying am a dabtor and a thrift I ran away with company money, I lost my job I sent them all evedence of payment but they still said they did not see it. Next is money started disappearing from my account and they are still claiming they are not the ones.

  62. This your investigation is incomplete.

    If someone loses his or her phone does it follow that the BVN is automatically displayed on the phone? How can you get a new ATM card on your account with the correct PIN? How will you be able to change your PIN without going to the bank?

    For a loan to be disbursed it must go into the correct account number with the correct account name matching the BVN assigned to the bank account.

    Be sure that those who are being asked to repay actually applied for the loans and have refused to pay. To should go and pay back what they are owing.

    However, defaming someone’s character and selling private data is a criminal act. The company should write their employers and then sue to court. This is the right channel for recovery from defaulters.

    If the companies are not properly registered then it a different story. What if they have proper registrations and their customers are defaulters?

    How will they recover their money? Kindly address these two problems dispassionately with a view to solving the myriads problems in our nation.

    Thanking for a good selfless work.

  63. Thanks so much for this. Gocash, 9jacash under soko lending company are the worst in this regard.

    Federal government should sanction any online loan app that is not registered with the government.

  64. I think this loan issue should be discussed in the Senate or house of representatives because Nigerians are being defrauded. These Fintech companies give loans with interest above 30 percent for a 7-day loan. Imagine the financial problem someone has that made him apply for a loan. It’s obvious these Fintech companies are not here to help Nigerians. Imagine someone’s account was hacked the night of the day he took an online loan. It was clear that his information was used to hack him because the Fintech company use Pos machine called Apampa Teller to deduct money from his account the night he took the loan.
    Therefore, Senate needs to debate this issue of truly they represent Nigerians and not themselves.

  65. Apart from the threats, some of these companies offer loans at outrageous interest for a very short period of time.. Tell me how someone who is looking for funds can afford to pay an interest of 20k in just 6days. This is wicked! CBN should please come to the rescue of its poor citizens. All these loan sharks offering loans for maximum of 7days with outrageous interests should be permanently scrapped.

  66. Please,if a petition needs to be written against those unruly staff, could you please notify me. They have not only embarrassed my close family members but tarnished their image in public.
    Another loan company is N-cash. Its staff are very rude and poorly trained. A colleague said that their first reminder comes as a threat, compelling the customer to pay at their own time, sometimes 1pm, threatening the customer of blocking their accounts using their BVN and publishing their pictures to the entire public. That is so absurd and unruly I must say. Some of the female staff of the said N-cash would use their half-nude pictures as their dp and when they don’t get the attention of the customer to repay ahead of their due date, the resort to threat. One of the staff who does that very well is called Chichi.
    Some of those loan apps should be regulated and banned. These Chinese companies are foreigners and have no right to treat citizens of Nigeria as slaves just because they apply for loan. I blame the poor state of the economy, cos these loan urchins were not in existence years ago. I believe that someday, things will get better and this whole loan companies will pack their loads.


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