In a bold move to protect consumer rights, the Federal Competition and Consumer Protection Commission (FCCPC) has called on Nigerians to report loan apps and businesses that engage in harassment over unpaid debts. The commission made this announcement via Nigerian Stories’ official X handle, emphasizing that “No consumer should live in fear.”
The FCCPC’s statement comes amid growing concerns over the aggressive and unethical debt recovery tactics employed by many digital lenders. Reports of loan apps resorting to blackmail, public shaming, unauthorized access to borrowers’ contacts, and even threats have become rampant, prompting widespread public outcry.
In response, the FCCPC has reiterated its commitment to cracking down on illegal lending practices, urging victims to come forward with complaints. The commission assured that such reports would be investigated thoroughly, and appropriate sanctions would be imposed on offenders.
This latest directive is part of a broader effort by regulatory agencies to sanitize Nigeria’s digital lending sector, ensuring that financial institutions adhere to ethical debt recovery methods. The FCCPC had previously sanctioned several loan apps, banning their operations and removing them from major digital platforms.
Nigerians facing harassment from loan sharks are encouraged to report their experiences through the FCCPC’s official channels. The commission reaffirmed its dedication to upholding consumer rights and ensuring that no Nigerian is subjected to intimidation over financial obligations.
With this renewed crackdown, the government is sending a strong message to predatory lenders that their exploitative practices will no longer be tolerated.
PIONEER NEWS 