Few weeks ago, QUICK LOAN ARENA started a series of investigative reports where some loan apps in Nigeria were blacklisted over breach of data privacy of their customers and their contact lists. BorrowNow was the 2nd on that list. LendCash was also included.
The aim of the report is to compile a list of all quick loan apps on Google Play Store that are invading the data privacy of their customers and sending blackmailing and threatening messages to their contacts whenever there is an alleged loan repayment default.
In our list of blacklisted loan apps in Nigeria are BorrowNow and Lendcash loan apps and we followed through by requesting all Nigerians to boycott their services.
Following QUICK LOAN ARENA series of investigative stories, several regulatory and financial crime authorities such as EFCC, CBN, FCCPC and others vowed to crack down on loan apps and lending platforms that are in breach of their customers’ data privacy and also fond of sending defaming and threatening messages to them and their contacts.
The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) in the report assured that it had commenced rights violation investigation into the money lending industry.
The enforcement and regulatory agencies expressed concern that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.
“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.
“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation, the agencies have said in a joint statement on Monday,” the report said.