Why Nigerians should avoid digital lending apps, loan sharks — CBN warns

Why Nigerians should avoid digital lending apps, loan sharks — CBN warns

The Central Bank of Nigeria (CBN) has cautioned Nigerians against seeking loans from digital lending apps and loan sharks that are in the habit of threatning them and sending defamatory messages their ways.

CBN Governor, Godwin Emefiele, made the statement while addressing reporters at the end of the Monetary Policy Committee meeting held on Tuesday in Abuja.

“On loan sharks and lending apps, what we have done is to say that there is no need for you to go to loan sharks for a loan,” he said. “People normally will go to loan sharks because they are desperate, they cannot access the bank.

“We found in this group, mainly people who are vulnerable; the people whose households need some small amount of quick loan to do their businesses but they cannot access bank finance and as a result go to loan sharks who charge them … twice the principal just within 90 days and if you don’t, they seize your property or seize your bicycle.”

According to Emefiele, there is no need for people to go for loan sharks because the CBN has put in place the avenue through which they can raise funds.

He listed them to include the microfinance banks and target credit facilities established by the government to cater to the needs of the operators of Small and Medium Scale Enterprises (SMSEs).

“You don’t have to know anybody, just go to the portal, fill the form, send your data, and if it is correct, you will be able to access loans,” the apex bank’s governor explained.

He added, “We have a large number of testimonials from people who have accessed the facility without knowing anybody and they have benefitted from it.

“The bank is making effort to stop loan sharks, and when these people are found, they will be dealt with mercilessly.”

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1. Quick Loan Arena offers a social support initiative for members of its QLA Business Club.. The Club is to help members save and invest and earn monthly interest on their savings. It’s also for members to borrow soft loans at a very low interest rate for short term projects.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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