The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to loan apps and businesses over the harassment and intimidation of Nigerians in their debt recovery efforts.
The commission has called on the public to report any cases of threats or coercion from these lenders, as concerns grow over their aggressive tactics. Many consumers have complained of receiving threatening messages, persistent calls, and public shaming on social media from loan recovery agents.
In an official statement, the FCCPC stressed that no Nigerian should be subjected to such treatment, affirming its commitment to safeguarding consumer rights. The agency warned that any loan app or business found engaging in these practices would face severe consequences.
