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CAN condemns loan apps, urges CBN to curb operators

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Nigerian govt to regulate loan apps operations, after raiding Sokoloan, others, freezes accounts

The Christian Association of Nigeria (CAN) on Wednesday condemned companies behind loan apps operating in the country, stating that they were taking advantage of vulnerable people due to the current economic predicaments.

CAN labelled the operators of the lending apps as faceless people operating against the financial regulation of the country. The body called their practice “unacceptable, irresponsible, suicidal and unfair.”

The News Agency of Nigeria (NAN) reports the general secretary of CAN, Joseph Daramola, saying that, “Our attention has been drawn to the antics of some faceless people who are unknown in the financial sector but giving out loan facilities to vulnerable people as a result of economic predicaments in the country.”

He said the Central Bank of Nigeria (CBN), other financial regulators and the federal ministry of finance need to curb the activities of the loan sharks.

Daramola explained that CAN findings uncovered some, “unscrupulous people developed their apps to extort money from innocent people on the pretext of giving them short loan facilities.

Read also: Nigerian govt to regulate loan apps operations, after raiding Sokoloan, others, freezes accounts

“Their interests are not only higher than the banks, but they use blackmail and other antics to get their money back.” he said, adding that, “These are not only against the financial regulation but totally unacceptable, irresponsible, suicidal and unfair”.

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