Is this lender safe?
Eleven things that should make you stop. Tick whichever are true of the offer in front of you. Each one explains why it matters, so this is worth reading even if you tick nothing.
How to check a lender is licensed
- Get the company’s full registered name, not the app’s brand name. They are often different, and the licence is held in the registered name.
- Check the Central Bank of Nigeria’s published list of licensed microfinance banks and approved digital lenders at cbn.gov.ng.
- Check the company exists on the Corporate Affairs Commission register.
- Look for a physical address and a complaints route. If there is nowhere to send a formal complaint, there is nowhere to send a formal complaint.
If a lender is already harassing you
Threatening messages to your contacts, abusive calls, or fake “wanted” images of you are not legal debt recovery. You can report them, and reporting works more often than people expect.
- The FCCPC regulates digital lenders and has removed apps for exactly this conduct.
- The Nigeria Data Protection Commission handles the misuse of your contacts and personal data.
- Keep screenshots with dates. A complaint with evidence is treated very differently from one without.
Owing money does not remove your rights. Read what actually happens if you default so the threats are easier to judge against the reality.