Why Online Mobile Loan Apps Should Be Banned In Nigeria.

why online loan apps should be banned in Nigeria

As a blogger, I am going to use my personal experience with online loan apps to prove why online loan apps, a.k.a online loan sharks should be banned in Nigeria.

My story.

I saw an advert online from an app known as “cash wallet”; claiming to give quick and accessible loans to Nigerians. And since I was in need of money to expand my business, I downloaded the app and signed up.

During the sign up process, they requested for my personal and financial details; and later told me to bind my card and pay an amount of money, so I can get access to choose any amount of money I needed as loan.

After entering my financial details and the said sum was withdrawn from my account, I later had another alert, and when I went to my Ecobank mobile app and downloaded my account statement, I realized it is the same person that withdrew my money again, so I had to immediately block my ATM card to avoid further transaction.

Thankfully, I saw the names of other apps affiliated to them on their app; so I downloaded them and was able to take back part of my money.

But little did I know that these fraudsters had copied my contacts phone numbers and my photos, after their app asked me to grant access for such to be done.

When they later called me I told them what transpired; and the fact that the money I retrieved from them is not even half of what they took from me and at such am not repaying shishi.

So they threatened to use my name and photo to tell my contacts I used their name as surety for a loan as well as ran away with their company’s money; and they should ask me to repay.

(I have never heard of someone using another person’s phone number and photo as a surety for a loan before)

They use different company names and phone numbers for this dubious act.

How to verify your doubts and ascertain my story.

If you ever get a message from any online loan app tagging someone on your contact as a fraudster who used your name for a loan surety; please ask them to send you the full name and photo of the person you used as a surety for receiving the online loan.

And if they can’t produce it then you will know that my story is the truth.

If you are using true caller you will find some of their names as “useless scammer”.

Current findings .

According to current findings; online loan apps is a new wave of fraud and scam trending in Nigeria at the moment.

They will either collect your financial details and withdraw your money without your consent. Or offer you a loan with high interest and very short duration (6 days at most).

You can read the strategy they use to achieve their faudulent aim here: The Hidden Strategy Of Online Loan Apps In Nigeria.

Our country is not the only victim as India and China are currently battling to put an end to their evil as you can see via the links below.

Instant loan app fraud: Hyderabad cops arrest one more.

Chinese National, 3 Others Arrested For Loan Apps Fraud In

Telangana: Police arrest another Chinese national in loan app

And recently NTA has declared online loan app as financial fraud in Nigeria as you can see in the screenshot below.

This companies are owned by Chinese and managed by Nigerians on contract; with no physical office, and they are operating illegally.

There is a move on social media with the hashtag #banonlineloanapps; calling on the government and EFCC to fish this criminals out.

Information is power.

Please use my story as a guide to inform your loved ones to avoid downloading any app, whether a loan app or not, that will ask them to input their personal and financial details.

This way they will avoid loosing their hard earned money to online scammers who are everywhere.

If you are into online business like myself, please have a separate account that you use in purchasing or paying for your online subscriptions. And always transfer the needed amount and don’t leave your hard earned savings there.

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