A Nigerian man voiced his frustration with the loan app Easemoni_ng after they allegedly tried to coerce him into taking another loan shortly after he cleared his ₦53,000 debt. In his emotional Abuja news post on X (formerly Twitter), he accused the app of manipulation, sharing his experience with deceptive loan practices.
Initially, he borrowed ₦44,000 but repaid ₦53,000 due to interest. Representatives provided conflicting information on fees, with one stating a 2% rollover fee, while the policy with Opay, a partner, cited 1%. Feeling trapped, he consulted the Federal Competition and Consumer Protection Commission (FCCPC), which ultimately halted the harassment.
- Key Takeaways:
- Misleading loan practices spark public outrage in Nigeria.
- The borrower faced threats and misinformation from app representatives.
- Leveraging consumer commission advocacy halted predatory practices.
Commentary: This ordeal highlights the pressing need for stricter regulations on digital lending platforms in Nigeria, especially considering the vulnerability of borrowers in cities like Lagos and Abuja. How can consumers better protect themselves from predatory lending practices? Share your thoughts below!
For more on this story, refer to the original post on X.
What measures should authorities implement to safeguard citizens from such deceptive lending practices?
