Loan sharks, also known as predatory lenders, are individuals or organisations that offer loans at extremely high-interest rates. They are known to operate outside the scope of regulatory oversight and consumer protection laws. Loan shark activities are illegal in Nigeria. The Money Lenders Law gives the Central Bank of Nigeria the authority to regulate money …
Before you download that mobile app and apply for that loan, you need to know that some loan apps are banned in Nigeria. In 2022, the National Data Protection Bureau (NDPB), working with the Central Bank of Nigeria (CBN), and other agencies of government, investigated the activities of online financial loan companies. Some of those …
It is almost impossible to get a loan without BVN in Nigeria. This is mostly because financial institutions consider individuals without BVNs a flight risk. In February 2014, the Central Bank of Nigeria (CBN), in collaboration with the Bankers' Committee, launched the BVN project. The aim of the project was to capture the biometrics of …
The rise in digital lending has been rapid as more people embrace the convenience of online transactions. As a result, loan companies in Nigeria have keyed into many opportunities provided by this increase in digital activities. This has given way to some form of regulation. However, some loan companies have been known to employ underhand tactics …
What FG’s Directive to PSOs Means For Loan Companies In Nigeria
