More Nigerians Opt For Loan Sharks Amid Harassment, Defamation

More Nigerians opt for loan sharks amid harassment, defamation https://www.icirnigeria.org/hardship-more-nigerians-opt-for...
Hardship: More Nigerians opt for loan sharks amid

harassment, defamation
Promoting good governance
September 25, 2023 Banking and Finance
Loan app
• Loan apps still operating without CBN license
• Clients sent loans despite not applying
• Economic bases reason people patronise loan apps – Psychologist
Despite unconventional methods loan �rms deploy to collect their money, the
countryʼs economic crisis is forcing Nigerians to use loan apps to get
immediate emergency cash. The ICIRʼs Shehu Olayinka examines stories of
Nigerians who had terrible experiences with loan companies.
1 of 25 10/5/23, 09:10
DOLAPOʼs dad had received a call from a Henloan marketing agent,

promising loans and a�ordable interest. A�er pondering for a while and
being pushed by his �nancial crisis, he opted for the loan. Going for the loan
remains one of his worst decisions in life as subsequent events unfolded.
“My dad, Jide Wale, borrowed money from other apps, but Henloan made life a
hell for him. His mood changed as they constantly called and harassed him.”,
Dolapo told The ICIR.
She said her father wanted to take a loan of N65,000. However, a�er
downloading the app and inputting his details, he saw more interest than what
the companyʼs agent had told him. He cancelled the request and deleted the
app.
But despite not going ahead with the loan request, Dolapo said a few minutes
later, her father got an alert of N25,000 to pay N55,000, which to him was too
much interest for a N25,000 loan he did not request.
He was desperate to return the money and immediately called the Henloan
representative who introduced the app. To his shock, he was told to return the
money in full: pay the N55,000.
“They were calling daily and threatening to send messages to all his contacts,
which they later carried out,” She told this newspaper. “My sister and I were
constantly harassed and sent messages accusing my dad of being a criminal
and ritualist.”
Message Henloan sent to Dolapo’s father
2 of 25 10/5/23, 09:10
The messages sent to Dolapoʼs father are part of strategies for loan apps in
Nigeria deployed to force defaulters to repay.

The tactics are sometimes used to tarnish a defaulterʼs image.
But Dolapo said her dad was not a defaulter as he didnʼt request the loan. He
had earlier accessed loans from Quick Credit, Cash Express and Cash Credit.
Message Quick Credit agent sent to Dolapo’s father


3 of 25 10/5/23, 09:10
“The harsh economy may have pushed my dad to borrow from loan apps. But
the outcome wasnʼt palatable for my family. Though the constant messages
and calls have stopped, they embarrassed us,” she said.
“I have told him to stop borrowing from loan app companies. That moment
was di�cult for us. Now, I try as much as possible to support him with what
little I have.”
Dolapoʼs family experience at the hands of Henloan is not uncommon. Many

Nigerians who defaulted on loans experience harassment and cyberbullying
by loan app operators despite e�orts by the Federal Competition & Consumer
Protection Commission (FCCPC) and Nigeria Data Protection Commission-
NDPC to clamp down on the use of crude tactics to recover loans.
In April, the Nigerian government, through the FCCPC, banned unethical and
illegal activities by lending apps, including accessing debtorsʼ contact lists. It
also prohibited loan apps from accessing contacts and images of their
customers.
4 of 25 10/5/23, 09:10
It also approved 173 digital lending applications to operate in the country. The
commission gave conditional authorisations to 54 loan applications, while 119
got full approvals.
Clients of some loan apps also told The ICIR that they received loans despite
not applying.
There is limited information about Henloan online. However, The ICIR

discovered that Henloan also uses the name Hencredit, which is operated by
Orange Loans and Purple Credit Limited. They also have the same email
address listed for inquiries, as seen here.
The app listed on an app site has both hencredit and Henloan on the display image.
There is also limited information for Quick Cash online. The ICIR e�ort to
speak with a Quick Cash agent named Bode, who contacted Dolapoʼs family,
was rebu�ed. Bode declined to comment and insulted the reporter a�er he
was told of the cyberbullying claim against him and Quick Cash.
The other loan company that harassed Dolapoʼs family was Quick Credit.
The ICIR found two loan companies using the name Quick Credit.
5 of 25 10/5/23, 09:10
One of the loan companies, Quick Credit company, is owned and operated by
Quick Credit Nigeria Limited.

Quick Credit Nigeria Limited is registered on the CAC database with
registration number RC 1496778, identi�ed as active by the commission, and
registered as a General Contract and Merchandise company.
Two persons with signi�cant control, Olapade Murtala Ayodele and Ejodame
Odia Osewele, listed as Shareholder and Director, respectively, found on CAC
and NGCheckers, were sent emails on the activities of Quick Credit.
In response to the enquiry, Ayodele denied Quick Credit engages in

cyberbullying, stating that the organisation had been non-operational in the
last 18 months due to an ongoing restructuring.
The second Quick Credit loan company was also sent a message in an email
found on its Facebook page.
The ICIR called a phone number on the Facebook page, to which a female sta�
responded but declined to provide information about the organisationʼs
operation. She said the organisation would respond to the email sent by this
reporter, but as of the time of �ling this report, no response was received.
‘They said I have AIDs, and I’m a whore’

Itʼs a good initiative that such platforms exist, said *Bimbo (not real name), but
according to her, using crude tactics when issues arise between a loan app and
a customer would leave anyone regretting borrowing the money.
The ICIR reporter found Bimbo on a Telegram public channel, “Say No to Loan
Sharks”, with 584 subscribers.
The group was observed to serve as a communication channel where

Nigerians who have been at the receiving end of loan apps use crude tactics to
�ght back — and some have even claimed to be able to defraud lenders. The
Telegram Channel also has a Facebook group.
This newspaper found more than �ve such groups on Facebook. [Say no to
Sokoloan & Loan sharks, Say no to Sokoloan, Say no to Soko loan and LCredit

6 of 25 10/5/23, 09:10
ETC, Say No to loan app, Mobile loan apps debt victims in Nigeria, Say no to
loan sharks, Illegal/fraudulent loan apps victims.]

Bimbo had posted on the page, looking for help dealing with the harassment
and cyberbullying from agents of loan apps. A�er failing to make a timely
repayment, Bimbo said she was hounded and defamed and had to turn o� her
phone to escape the abuse.
Bimbo, currently job hunting, said she took a combined loan of N180,000 from
Fundy and Flypay loan apps.
“I had no option. I was broke and needed the money to o�set some bills. But
that was a big mistake, as those guys made my life a living hell,” she said.
Message sent to a client’s father by Flypay 
7 of 25 10/5/23, 09:10
She also disclosed that loan apps are increasingly reaching out to Nigerians
through marketing agents to explain the advantages of obtaining loans through
their apps.
She stated that before users download the apps, agents fail to disclose the
actual interest rate on the loan.
Screenshots of Messages sent to Bimbo contacts
“Itʼs good that people have something to rely on �nancially. But the interest
rate and the whole cursing and defamation are upsetting and wrong. They also
have this habit of saying (on the dashboard, theyʼd show you, e.g. 54k to pay
58k) when you click on the receive money. They could disburse 33k to pay 58k
in 7 days. And sometimes? You donʼt have to apply; they will send it to your
account as soon as you download their app and input your bank and BVN
details into their app.”
“When I couldnʼt pay back in time, they started harassing me and sending
messages to my contacts. They said I had HIV/AIDs, that I was a prostitute who
slept with men for between N800 and N5,000, and that my parents molested
me as a kid. All were sent to all my contacts; it was the same day my loan was

8 of 25 10/5/23, 09:10
due.”
Bimbo told this reporter that she intended to repay her debt once she could,
but as of the time of �ling this report, she had not done so.
“Clients getting loans without applying”

A recovery agent with Camelloan, whose identity is being withheld because he
was not authorised to speak, con�rmed to The ICIR that marketing agents of
some loan apps fail to disclose the actual interest rate on loans to users they
call or message.
He also said the culture at loan companies is for workers to either meet their
target or get sacked if they fail.
“We are always given targets. We are only doing this to survive. It is not as if we
enjoy doing all this. Calling people regularly, but we need to work and feed our
family. I have seen people get hired and sacked in a month because they
couldnʼt meet the target. And the salary is not that much, but we are doing it
for survivors. You know the country is hard,” the agent said.
The source also admitted to having had clients complain about receiving loans
without applying.
“I donʼt understand how that works. But I have heard people complain that
they didnʼt apply for loans before being sent the money. We have complained
to our managers and told them this doesnʼt seem right, but they appear not to
care about it.
The source said he wasnʼt sure if the app was faulty, adding that the practice
could be intentional.
Another source, who works as a marketing agent with Camelloan, admitted to

the loan app companies sending money to people despite not applying.
“Itʼs a problem we face. Some complain about not applying for the loans sent to
their accounts.”
A borrower, Eseosa Godfrey, whom Camelloan agent contacted �rst via text,

9 of 25 10/5/23, 09:10
described how he was tricked into taking a loan by a marketing representative

of Camelloan named Paul but backed out when he realised the agent had
misled him about the interest rate.
Godfrey said despite not seeking one, he received a short-term loan of N6,000
to be paid in seven days and experienced harassment and defamation a�er
failing to repay the debt in full with interest.
“I was deceived. When the Camelloan marketing agent called me, he didnʼt tell
me the true interest on their loans. He told me it was not 10 per cent. He
deceived me into downloading their app for a business loan, and a�er
downloading and inputting my bank and BVN details, I saw what he told me
was a lie. I cancelled. Later, I got an alert of N6,000 to pay N12,000 without my
approval from my end, which I refused to pay,” he said.
Text sent to Geoffrey by Paul on WhatsApp.
Godfrey shared with The ICIR a message showing a 10 per cent interest rate on
every loan.
He said he called the marketing agent to explain what had happened, that he
hadnʼt applied for the loan and wouldnʼt be paying back with the said interest
the loan was showing on the app.

10 of 25 10/5/23, 09:10
“The agent only said okay and dropped the call. I paid back the N6,000 to the
Camelloan bank account, but immediately a�er I paid, an agent named John
called and threatened to send messages to my contacts if I didnʼt pay back in
full.”
Geoffrey transaction receipt to Camelloan
Geo�rey said the agent, true to his words, sent messages to his contacts,
describing him as an internet fraudster.
Another borrower, Olayinka Lekan, said in an email to The ICIR that a 
11 of 25 10/5/23, 09:10
marketing agent from Camelloan had gotten in touch with him and informed
him that he had access to N50,000 and N100,000 with a loan interest rate of 10
per cent for a three-month term.
Lekan said the agent sent a link to his WhatsApp number, which he clicked,
downloaded, and installed the app.
“Immediately, I downloaded the app from the Google Play Store and inputted
my details. What the Camelloan representative told me di�ered from what I
saw on their app. The low interest based on his promise was the only reason I
consented to download the app, but I saw on their app that Camelloan charged
more than 40% interest on its loans.
A screenshot of Lekan’s discussion with Camelloan agent, Precious
A screenshot of Lekan’s discussion with Camelloan agent Precious


12 of 25 10/5/23, 09:10
Lekan also said he called the marketing agent who had sent him the link,
informed her that she had lied about the actual interest, and told her he was
no longer interested. At this point, he had already entered his bank and BVN
information on the app.
He disclosed that he got an alert on his account of N6,000 the next day from
Camelloan.
According to him, “What I discovered startled me when I logged into the app. I
was to pay back N11,050 due on July 7. Rather, instead of paying that amount, I
decided to pay N8,000 rather than the N11,050 I saw on the app to be paid back
because of what the marketing agent had told me”.
Lekan further said a Camelloan agent called and asked him why he had paid
N8,000 instead of the amount displayed on the app, and when he refused to
pay the additional amount on the due date, the agent sent him threatening
messages.
Another victim, Ronke Okun, a student at one of the universities in Southwest

Nigeria, had a similar experience.

13 of 25 10/5/23, 09:10
She had always borrowed from other loan companies, but not Camelloan.
She told this reporter she was credited N6,000 despite not applying for a loan.
According to her, an agent of Camelloan called her to apply for a business

loan. A�er downloading and entering her details, she discovered that the loan
limit was N6,000 and had an N5,000 interest.
Screenshots of Ronke and Camelloan agent
Ronke said she immediately closed the app but received an alert of N6,000 loan
that she didnʼt apply for and was to pay N11,000 in seven days.
She further said the e�ort to get Camelloan to resolve the issue proved
abortive. Her pleas were ignored, and she was harassed and hounded by
agents.
Ronke was later able to settle her issues with Camelloan two days a�er her due
date a�er an agent called her to return the N6,000 that was paid into her
account. But that happened a�er the loan �rm had sent messages to her
contacts.
14 of 25 10/5/23, 09:10
Another loan app Ronke claimed defamed her is Deloan.
She had borrowed N5,000 and was to pay back N8,730 to o�set bills in school.
She added that she returned the N5000 and begged for a few hours to pay the
remaining N3,730, but a female Deloan agent denied her beg and threatened to
send messages to her contact, which the agent eventually did by claiming she
had passed away.
Deloan sent Ronke and her contacts a RIP message for missing a full payment by one day.
The ICIR contacted Precious, the Camelloan representative Lekan said spoke
to him about collecting loans on their app. A�er explaining why the call was
initiated, Precious told this reporter to wait while she talked to her manager. A
few seconds later, the Manager spoke to this reporter through Preciousʼ phone
and introduced himself as Bassey.
Bassey promised to call back a few hours a�er this reporter introduced himself
and explained why he had phoned, but he never did. Two hours later, calls to
Preciousʼ phone numbers were not answered.
A WhatsApp message was sent to Precious, but as of the time of �ling this

15 of 25 10/5/23, 09:10
report, she had yet to reply despite the message being marked as delivered and
read by the recipient.

Paul, who introduced Camelloan to God�rey, said he only worked as a
marketer and was not the one who harassed and defamed him.
He declined to comment when asked why he didnʼt tell Geo�rey the actual
interest on a loan.
When asked if Camelloan was sending loans to those who didnʼt request, Paul
said he has had customers complain about it but wasnʼt sure why the app was
sending loans to people who did not apply for loans and claimed there might
be an issue with the app.
Paul promised to get an answer from his bosses, but subsequent calls to his
phone were unanswered.
John, the debt collector Geo�rey claimed had harassed and slandered him,
rejected the allegation and stated that Geo�reyʼs �le was no longer on his desk
and that he would not be able to speak about him.
Another borrower, a student who only wanted to be recognised by her �rst

name, Kemi, said CashDoor and Camelloan made her life a living hell. She
explained that she had accessed and paid back loans several times on other
apps with no issues but opted for CashDoor and Camelloan when the agents
promised a lower interest.
“I didnʼt apply for the loan they sent. When I downloaded the app, I saw that
their interest was high. I decided against going ahead to get a loan from them.
But they credited my account and wanted me to pay N11,000 for a N6,000 loan.
“I o�ered to pay back what they sent, but they declined and have been
harassing and threatening me. And the loan keeps increasing because I refuse
to pay the 11,000. They kept saying they would destroy my life and post my
obituary picture. I couldnʼt leave my house for one week because they kept
threatening and harassing me and my contacts”, she added.
Screenshots of messages from Camelloan agent to Kemi 
16 of 25 10/5/23, 09:10
Kemi has still not paid back the loan as of the time of �ling this report.
She further said her experience with Camelloan was the same as she
experienced with the Cashoor loan app.
The ICIR contacted an agent with Cashdoor loan app who only wanted to be
recognised by Dora.
Justifying using crude tactics for loan recovery, she said the tactics were
always the last option whenever borrowers defaulted, “We are not at fault here.
The crude tactics users always talk about only occur when borrowers ignore
us. We do that to them when they are unwilling to pay us back.”
The ICIR also made an e�ort to get in touch with a Cashbus loan app agent.
A�er introducing himself and outlining his reason for calling, the agent
launched into a tirade and threatened to deal with the reporter.
Despite the cyberbullying and defaming that comes with loan apps, Nigerians
are still collecting loans from app operators. In recent years, Nigeria has been
plagued by protracted in�ation, signi�cant public debt, the COVID-19
pandemic, and a food crisis that has ravaged its agricultural industry. While
unemployment and poverty have �uctuated, data from the NBS shows that
in�ation rose from 3.16 per cent in 2011 to 11.61 per cent in May 2018 and
24.08 per cent in July 2023. 
17 of 25 10/5/23, 09:10
The World Bank, in its Nigeria Development Update in 2022 and 2023,
disclosed that increasing in�ation drove at least nine million Nigerians into
poverty within two years.
The NBS, in 2022, stated that 133 million Nigerians were multi-dimensionally
poor, representing 63 per cent of the Nigerian population.
These economic hardships have caused an increase in the demand for so�
loans, which come with high interest rates and short repayment periods. As
collateral, the apps ask for �nancial details and access to read private data
such as usersʼ location, media �les and photographs, and contacts. Adverts for
quick loans o�en �ood social media platforms, blogs, and bus stops.
Loan companies still operating without proper regulation

in Nigeria
There are 720 micro�nance banks and 105 �nance companies licensed by the
Central Bank of Nigeria (CBN) to engage in �nancial services, a list last
updated on August 28, 2023.
Nearly 200 companies operate in Nigeriaʼs �ntech industry, ranging from

digital loans to platforms for remittances and transfers.
Except for stockbroking and insurance, any business providing �nancial

services must have a license from the CBN to operate.
Some of the loan apps mentioned in this report, Camelloan, Cashbus,

HenCredit or Henloan, LifePurse, Quick Credit, Quick Cash, Flypay, Loan Me,
Deloan, CashExpress and Cashdoor, were not listed on micro�nance banks
and �nance companies licensed by the CBN.
These companies enjoy little or no oversight from the regulatory agencies; as

such, they prey on Nigerians.
The ICIR had reported the unethical practices of some loan apps.
In 2021, the National Information and Technology Development Agency

(NITDA) �ned Soko Lending Company N10 million for sending threatening
messages to borrowers, which constitutes a privacy invasion. 
18 of 25 10/5/23, 09:10
Everyone interviewed for this report said they were asked to pay back in seven
days. This action breaches Google PlayStoreʼs updated rules for an app to be
listed on its platform.
The Google Play Storeʼs guidelines state that �nancial apps that o�er short-
term loans on their network must give borrowers a minimum of 60 days from
the date of issue to repay any loans.
It was also found that several lending apps that the FCCPC had prohibited and
removed from the Google Playstore and Apply Playstore for breaking its rules
would use the Android Package Kits (APK) �le format to get around the
restriction and keep operating in Nigeria.
These loan companies pro�t by charging excessive interest rates and shame
and cyberbullying their customers.
The ICIR raised these questions in an email sent to some of the loan appsʼ
parent companies, such as Orange Loans and Purple Credit Limited,
BetterLending, Quick Cash Nigeria Limited, and Phoenix Payment Solution
Limited, to reveal their interest rates, loan terms and why they are breaching
Nigerian �nancial regulations.
Orange Loans and Purple Credit Limited, with an address in Lagos, was
registered on 1 July 2020 as a private company limited by shares to carry on the
business of E-Commerce, Funding and Lending solution with an ordinary
share of 1,000,000.
A Chinese Hong Kong-registered �rm, Fench Inda International Group

Limited, with registration number 2170465, operates Orange Loans and Purple
Credit Limited, which has the largest share at 990,000.
Orange Loans and Purple Credit Limited, with registration 1681557, operates
four loan apps in Nigeria: Camelloan, Henloan/ HenCredit, Loan Me and
LifePurse. Camelloan, alongside another loan app, Getloan were recently
delisted and banned from Google Playstore and outed by the FCCPC for
improper operation in Nigeria.
Collage picture of loan apps operated by Orange Loans and Purple Credit Limited in Nigeria

19 of 25 10/5/23, 09:10
The Commission said the violating digital money lenders (DMLs) resorted to
using Android Package Kits (APK) �le formats, providing links to consumers to
visit unregistered websites using their Android devices/phones.
Marvin Omorogbe, a legal practitioner licensed to practice law in Nigeria, is

listed as an active Secretary in Orange Loans and Purple Credit Limited CAC
status document with an address in Abuja.
Responding to an enquiry by The ICIR, he said he ceased to serve as the

Company Secretary in January 2021.
Lawyers behind loan apps

Omorogbe said he stepped down as the company Secretary a�er the company
appointed a new secretary and had had no relationship with the company
since then.
Charles Edosomwan, also listed as active in the company CAC document, said
he had divested his interest in the company and had no information on the
current management.
The company also has Osokolo Keneth Kema listed as Director with addresses
in Ikosi, Ketu Lagos and Oyelowo Oluwaseye Ibitoye as the company Secretary. 
20 of 25 10/5/23, 09:10
The ICIR also sent an email to Salawu Yetunde and Anjorin Sunday, who are
listed as people with signi�cant control in Phoenix Payment Solution Limited,
owner of Cashdoor on CAC.
They have both not responded as of the time of �ling this report.
Another company contacted is BetterLending, owner of Flypay with CAC

registration number 1755066.
BetterLending is managed by Flowcred Limited with 20,000,000 ordinary

shares.
Anuoluwapo Olopade, with an address in Lagos, is listed as the organisationʼs

lawyer.
An enquiry email was also sent to Pavestone Legal, a law �rm listed on the
company CAC status report.
A representative of Pavestone Legal Quasim Ogunjimi, in response to the

inquiry on Flypay harassing clients said BetterLending, the owner of Flypay
(Flypay Pro-instant Loan), was a reputable money-lending organisation and
would not condone the use of illegal and/or unethical debt recovery practices.
His response contradicts �ndings made on the activities of Flypay.
Some complaints against Flypay loan


21 of 25 10/5/23, 09:10
He also told The ICIR that the nature of the companyʼs operations does not
require obtaining a CBN license. Ogunjimiʼs response contrasts what Nigeria
Fintech Laws and Regulations 2022 says on Fintech operations in Nigeria.
The law states that Fintech companies o�ering �nancial services to Nigerian
consumers must obtain the appropriate licences and comply with CBNʼs
applicable guidelines.
The ICIR also sent messages to Kou Yan, a Chinese national and Ovakporaye
Onome, listed as Directors.
Quick Credit Limited, not on the CBN list, told this reporter that it was
registered with the Association of Non-bank Micro�nance Institutions of
Nigeria (AMFIN).
ANMFIN is a Network of independent micro�nance institutions in Nigeria, an

initiative led by CBN.
He also said its organisation had a money lending licence and was processing
its FCCPC approval.
For *Ifeanyi (not real name), the loan companies help in terms of emergencies,
but the tactics they deployed in retrieving their loans are unreasonable and
crude.
Obike, just like Bimbo, this reporter met him on the Telegram Public channel,
“Say No to Loan Sharks.”
Message sent to Obike 
22 of 25 10/5/23, 09:10
He said, “Most times, people collect these loans for emergency purposes.
Thus, they are okay with the interest rate. While some do pay back, banking
network issues delay it from re�ecting on the app. Also, some default and still
pay the default fee.”

23 of 25 10/5/23, 09:10
On how he �ghts back when they start issuing threats to pay back, he said, “All
I do, and most others do, is to report them to the appropriate authorities and
hold on to repaying them until issues are resolved between them and the
authorities. Also, sometimes I pay them back ʻin their coinʼ by not paying them
back once my details have been broadcast to my contacts and on social media,”
he said.
E�orts to speak with the CEO of FCCPC, Babatunde Irukera, on these �ndings
were unsuccessful, as he was said to be out of town.
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However, the Lead Psychologist at The Sunshine Series, Aisha Bubah, in an

earlier interview on why people patronise loan apps, said the primary reason
could be economic bases.

24 of 25 10/5/23, 09:10
“A major reason could be that times are hard, and people struggle to make
ends meet.

“If you check Maslowʼs hierarchy of needs, the �rst includes basic needs like
food, shelter, and security. People can barely get by, and basic needs are a part
of human survival. Dignity and all comes later when basic needs have been
met,” Aisha stated.
She added that people see the loan apps as the only alternative accessible to
them.
Olayinka SHEHU
Author Page
Olayinka works with The ICIR as the Social Media Manager, Reporter and Fact-checker.
You can shoot him an email via oshehu@icirnigeria.org. You can as well follow him on
Twitter via @BelloYinka72
25 of 25 10/5/23, 09:10

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More Nigerians opt for loan sharks amid harassment, defamation https://www.icirnigeria.org/hardship-more-nigerians-opt-for...

Hardship: More Nigerians opt for loan sharks amid

September 25, 2023 Banking and Finance

• Loan apps still operating without CBN license

• Clients sent loans despite not applying

• Economic bases reason people patronise loan apps – Psychologist

DOLAPOʼs dad had received a call from a Henloan marketing agent,

Message Henloan sent to Dolapo’s father

Promoting good governance

Message Quick Credit agent sent to Dolapo’s father

Promoting good governance

Dolapoʼs family experience at the hands of Henloan is not uncommon. Many

There is limited information about Henloan online. However, The ICIR

Promoting good governance

In response to the enquiry, Ayodele denied Quick Credit engages in

‘They said I have AIDs, and I’m a whore’

The group was observed to serve as a communication channel where

Promoting good governance

Message sent to a client’s father by Flypay 

Promoting good governance

Screenshots of Messages sent to Bimbo contacts

“Clients getting loans without applying”

Another source, who works as a marketing agent with Camelloan, admitted to

described how he was tricked into taking a loan by a marketing representative

Text sent to Geoffrey by Paul on WhatsApp.

Geoffrey transaction receipt to Camelloan

Another borrower, Olayinka Lekan, said in an email to The ICIR that a 

A screenshot of Lekan’s discussion with Camelloan agent, Precious

A screenshot of Lekan’s discussion with Camelloan agent Precious

Promoting good governance

Another victim, Ronke Okun, a student at one of the universities in Southwest

According to her, an agent of Camelloan called her to apply for a business

Screenshots of Ronke and Camelloan agent

Another loan app Ronke claimed defamed her is Deloan.

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Another borrower, a student who only wanted to be recognised by her �rst

Screenshots of messages from Camelloan agent to Kemi 

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Loan companies still operating without proper regulation

Nearly 200 companies operate in Nigeriaʼs �ntech industry, ranging from

Except for stockbroking and insurance, any business providing �nancial

Some of the loan apps mentioned in this report, Camelloan, Cashbus,

These companies enjoy little or no oversight from the regulatory agencies; as

In 2021, the National Information and Technology Development Agency

A Chinese Hong Kong-registered �rm, Fench Inda International Group

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Marvin Omorogbe, a legal practitioner licensed to practice law in Nigeria, is

Responding to an enquiry by The ICIR, he said he ceased to serve as the

Lawyers behind loan apps

Another company contacted is BetterLending, owner of Flypay with CAC

BetterLending is managed by Flowcred Limited with 20,000,000 ordinary

Anuoluwapo Olopade, with an address in Lagos, is listed as the organisationʼs

A representative of Pavestone Legal Quasim Ogunjimi, in response to the

His response contradicts �ndings made on the activities of Flypay.

Some complaints against Flypay loan

Promoting good governance

ANMFIN is a Network of independent micro�nance institutions in Nigeria, an