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FCCPC Takes Action Against Harassing Loan Apps: How Nigerians Can Report Abusive Practices

Published by Tope Fakinlede on February 1st, 2025.

FCCPC Takes Action Against Harassing Loan Apps: How Nigerians Can Report Abusive Practices

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a firm warning to loan apps and businesses that engage in harassment or intimidation of Nigerian consumers over unpaid loans.

In a significant effort to safeguard consumer rights, the FCCPC has called on Nigerians to report any form of harassment or coercion they face from these loan platforms. This directive follows growing concerns about the aggressive tactics some loan apps employ to collect debts, which have left many Nigerians distressed.

Reports from consumers reveal that they have been subjected to threatening phone calls, harsh messages, and even public shaming on social media by these companies. The FCCPC, in response, stressed that “no consumer should live in fear” and reaffirmed its dedication to combating deceptive and unfair practices that harm the public.

The commission has made it clear that loan apps and businesses engaging in such behaviors will face serious penalties. It has urged consumers to reach out if they experience intimidation, assuring that swift action will be taken to investigate complaints and hold wrongdoers accountable.

This initiative by the FCCPC comes as a much-needed relief for many Nigerians who have suffered at the hands of aggressive debt collectors. It signals the government’s ongoing commitment to defending consumer rights and ensuring fair business practices in the country.

Nigerians are encouraged to report any incidents of harassment to the FCCPC through its website, social media platforms, toll-free helpline, or by visiting the office directly. By doing so, they can help the commission take action against exploitative loan apps, contributing to a safer environment for accessing financial services.