Consumer protection

Your rights as a borrower in Nigeria

Updated 2026 · English

You are protected, not just asking nicely

Many borrowers believe that once they owe money, they have no say in how they are treated. That is wrong. Under the Central Bank of Nigeria’s consumer protection framework, financial consumers — including borrowers — are entitled to fair, transparent and respectful treatment. Understanding these rights helps you borrow with confidence and respond firmly if a lender mistreats you.

Clear and honest information

You have the right to see and understand the terms of a loan before you accept it. In practical terms that means a licensed lender should clearly tell you:

• The amount you will receive.
• The total amount you must repay.
• How interest is calculated.
• All fees, upfront and ongoing.
• The repayment schedule and what happens if you are late.

If a lender hides these details, pressures you to sign without reading, or refuses plain answers, it is falling short of its obligations — and possibly behaving like a loan shark. See how to spot loan sharks.

Transparency matters at every stage, not just at the start. If a lender changes a term, adds a surprise charge, or stops responding to your questions, that is something you can push back on and, if needed, complain about. You are entering into a written agreement, and both sides are expected to honour it. Keeping your own copy of the agreement and your receipts is the simplest way to protect that right in practice.

Fair treatment and your money

Beyond information, fair treatment covers how your money is handled. A licensed lender should not take deductions beyond what the agreement allows, should apply your payments in a clear way, and should give you a proper record of what you owe and what you have paid. If your balance suddenly does not make sense, or freezes, or fees appear that you never agreed to, raise it immediately and keep a written trail. In most cases these are honest errors that get corrected fast once you ask — the danger is staying silent and letting a small mistake grow.

Fair treatment during collection

If you fall behind, you are still entitled to respectful treatment. Legitimate collection is about recovering an agreed debt, not bullying you. Warning signs of unfair treatment include:

• Threats, insults, or rude language.
• Calling repeatedly, especially at night.
• Contacting your family, friends or employer to shame you publicly.
• Sharing your private details broadly beyond what the agreement allows.

Your privacy during collection is also protected — see our guide to loan app permissions and privacy.

Dispute resolution

When something goes wrong — a charge you did not agree to, an error in your balance, harassment — the first step is to raise it. Regulators and responsible lenders expect consumers to raise concerns rather than stay silent. Most problems are resolved by a clear written complaint. If that fails, you escalate. A calm, factual complaint usually works faster than anger, and having your facts straight — dates, amounts, the request you made — makes the difference between a complaint that is resolved and one that is ignored.

Your right to complain is itself a right

Some borrowers hesitate to complain because they feel they are at fault, or because they once had a loan rejected and assumed they had no standing. That thinking is wrong. Filing a clear, factual complaint is not begging for a favour — it is using a channel you are entitled to. Regulators take consumer complaints seriously, and a well-documented complaint is how many unfair charges and abusive collection practices get corrected. Write the facts: who, what happened, when, and what you want fixed. Attach the screenshots and receipts. A calm, specific, documented complaint is far more effective than an angry call.

How to complain

1. Write to the lender first. Use its official complaint channel. State your facts, what you want fixed, and any dates. Keep records of everything (see what happens if you default about documentation).
2. Escalate to the CBN. If the lender does not resolve the issue, complain to the Central Bank of Nigeria’s Consumer Protection Directorate using the official channel on the CBN website.
3. Data misuse? For misuse of your personal information — like harvested contacts — the Nigeria Data Protection Commission (NDPC) is the relevant body.