Loan shark harassment in Nigeria have become a predominant topic of discussion especially after the ugly Covid 19 pandemic crisis that shook the entire globe and threw millions of people into the jobless circle with the resultant effect of many being unable to cater for their immediate needs.

Evolution Of Loan Apps And Loan Shark Harassment In Nigeria
Many families have consequently resorted to patronising loan apps for quick emergency funds or payday cash advance loans in order to meet urgent needs. Many of the loan apps advertising their wares as yrgent online cash without the need of collateral, documentation or physical presence in their office to get a loan, have gotten many borrowers trapped, being unaware that they were dealing with “potential loan shark harassment in Nigeria” many of whom would later come out to exose their true pictures.

Loan shark harassment in Nigeria is further made possible due to the largely unregulated digital lending industry in the country, no thanks to the Central Bank of Nigeria (CBN), and other financial regulatory authorities who have largely failed in their constitutional roles to protect borrowers from these dare devil loan sharks, pretending to be legitimate loan app, who daily harass their victims, and compromise their data privacy which they swore to protect.

The recent clampdown by regulators and law enforcement agencies on the activities of illegal online loan sharks operations points to the deteriorating economic situation in Nigeria. Tellingly, it reiterates the weakness of the Central Bank of Nigeria in asserting its writ as the highest financial sector regulatory agency in charge of the monetary flow and lending in the country. Also in focus is the regulatory efficiency of the Corporate Affairs Commission, the National Information Technology Development Agency, the Independent Corrupt Practices and Other Related Offences Commission, and the Ministry of Communications and Digital Economy.

In March, the Vice-Chairman of the Joint Task Force of the Federal Competition and Consumer Protection Council, Babatunde Irukera, said the commission had frozen no fewer than 30 bank accounts operated by illegal loan organisations. (These are Irukera said that the commission had engaged Google and Apple Store to take down some loan applications from their sites, noting, however, that there were certain processes required for that to happen. And to avoid and limit the unintended consequences of the clampdown on legal lenders, he said that the commission engaged three major loan companies whose businesses had been adversely affected by the commission’s raid.

READ MORE: https://skytrendnews.com/2022/10/27/how-to-fight-stop-loan-shark-harassment/

It's high time the relevant authorities work on these loan sharks app