LAGOS, Aug 19 -
Millions of Nigerians who lack bank accounts or security to borrow turn to these lenders for loans starting from 2,000 naira . Many have taken to social media to complain about harassment when they default and their contact details being shared with third parties without their approval. One of those targeted was Lagos-based Soko Lending Limited, FCCPC chief executive Babatunde Irukera said.
Nigeria has the most fintech companies in Africa, most offering loans. But minimal scrutiny meant many operated without regulatory approval, which the FCCPC seeks to change.
Source: Loan Digest (loandigest.net)
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