Loan Shark Violations: Trend Of Harassment, Privacy Breach Continue Despite Government Regulation

Amidst the prevailing economic hardship in the country, thousands of Nigerians are turning to mobile loan applications for quick cash, despite the risks associated with these unregulated financial schemes.
Borrowers from these operators face exorbitant interest rates, harassment, cyberbullying, and defamation, which can result in mental health challenges.
Trust TV’s Ibrahim Ismail examines the psychological effects and legal implications of defamation on customers patronizing loan shark operators in the country.
In May of this year, the Federal Competition and Consumer Protection Commission pledged to crack down on online loan platforms that engage in customer harassment. Thousands of Nigerians have been ensnared by these online lenders, whose activities range from semi-regulated to completely deregulated.
For 31-year-old Chukudi, the psychological trauma lingers after he took a loan from one such online lender.
Two years ago, he faced severe distress when his pictures were publicly released by the lender due to his inability to repay the debt, leading him to contemplate suicide.
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