A non-governmental organisation (NGO) committed to social justice and legal advocacy, Citizens’ Gavel, has initiated frantic efforts to eradicate loan apps defamation of Nigerians.
The NGO in a statement by its legal lead, Funmi Oderinde, said it has received over 600 complaints from victims of loan apps defamation, and identified over 70 problematic loan apps belonging to more than 30 digital loan app companies.
Oderinde said loan apps defamation has become a pressing issue in Nigeria, with unsuspecting individuals falling victims to predatory lending practices, exorbitant interest rates and aggressive debt recovery tactics.
She lamented that many Nigerians have experienced financial ruin, harassment and even public shaming due to the actions of these unscrupulous loan apps.
She said, “Citizens’ Gavel has been on the forefront of addressing this crisis, providing legal advice, advocacy, and support to victims while working tirelessly to hold these loan app companies accountable for their actions. Through meticulous investigation and collaboration with affected individuals, the organisation has identified numerous fraudulent loan apps that pose a threat to consumers.
“Protecting the rights and interests of Nigerian citizens is our top priority. The proliferation of exploitative loan apps has caused immense harm to individuals and families across the country. We are committed to ensuring that justice is served and that those responsible are held accountable for their actions.”
She said in addition to assisting individual victims, Citizens’ Gavel has taken proactive steps to address the root causes of loan app defamation, adding that the organisation has petitioned relevant stakeholders, including the Central Bank of Nigeria (CBN), the Federal Competition and Consumer Protection Commission (FCCPC), and the Federal Ministry of Communications, Innovation, and Digital Economy (FMCIDE), urging them to take swift and decisive action to regulate the digital lending industry, protect consumers from predatory practices, and hold the loan companies accountable for their misconduct.
“While we continue to provide support to victims, it is imperative that regulatory authorities take concrete steps to address this issue at its source,” Oluwafemi Ajibade, Operations Lead at Citizens’ Gavel, added.
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