CAN condemns lending apps and urges CBN to rein in operators

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

CAN called the lending app operators faceless people operating against the country’s financial regulations. The body called their practice “unacceptable, irresponsible, suicidal and unjust”.

The News Agency of Nigeria (NAN) reports that CAN Secretary General Joseph Daramola said: “Our attention has been drawn to the antics of some faceless people who are unknown in the financial sector but who give loan facilities to vulnerable people as a result of the country’s economic difficulties.

He said the Central Bank of Nigeria (CBN), other financial regulators and the Federal Ministry of Finance must curb the activities of loan sharks.

Daramola explained that CAN’s findings revealed that “unscrupulous people developed their apps to extort money from innocent people under the guise of granting them short-term loan facilities.

Also Read: Nigerian Govt to Regulate Lending Apps Operations, After Raiding Sokoloan, Others Freeze 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 actions are not only contrary to financial regulation, but totally unacceptable, irresponsible, suicidal and unjust”.

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