FCCPC warned loan apps against harassment and intimidation in the name of loan recovery.
The agency vowed strict sanctions, urging consumers to report predatory practices threatening their safety.
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a fresh warning to loan apps and businesses that engage in harassment, intimidation, and other unethical practices in the name of loan recovery.
In a bold statement, the commission declared that “no consumer should live in fear” because of unpaid loans, stressing its resolve to protect Nigerians from predatory digital lenders and aggressive recovery agents.
This announcement follows growing public outcry over the unethical tactics deployed by many online loan apps operating across the country.
Victims have accused some of these platforms of cyberbullying, public shaming, threats of violence, and even data privacy violations in their attempts to recover debts.
The FCCPC urged affected consumers to come forward and report such practices, assuring that defaulters in the industry will face strict sanctions in line with Nigerian law.
