CREDICORP Warns Loan Apps, Lenders Against Harassing Borrowers Over Debts
Edino Chubiyo Cornelius 
ABUJA, Nigeria – The Nigerian Consumer Credit Corporation (CREDICORP) has warned banks, digital lenders and other financial institutions against using harassment, intimidation or public shaming to recover outstanding loans, insisting that indebtedness is not a criminal offence.
In a statement issued on Thursday, the corporation stressed that while lenders have the right to recover loans, recovery efforts must comply with the law and respect the dignity and privacy of borrowers.
CREDICORP cautioned lenders against threatening debtors, contacting their employers or relatives, or exposing their loan status through WhatsApp, social media platforms or other public channels. CREDICORP Warns Loan Apps, Lenders Against Harassing Borrowers Over Debts
“Being in debt is not a crime, but unfair treatment is,” the corporation said.
It noted that Section 34 of the 1999 Constitution guarantees the dignity of every Nigerian, while existing consumer protection regulations prohibit loan recovery methods involving intimidation, harassment or unlawful invasion of privacy.
The corporation advised borrowers who experience abusive debt recovery practices to preserve evidence, including messages, call logs and other communications linked to the incident.
It encouraged affected consumers to report such cases to the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria (CBN), depending on the nature of the complaint.
CREDICORP also reiterated its advice to Nigerians to carefully evaluate loan agreements before borrowing, urging consumers to consider the total cost of credit, repayment obligations, intended use of the funds and expected financial benefits rather than focusing solely on advertised interest rates.
The corporation clarified that the statement was issued as consumer guidance and should not be interpreted as legal advice or a formal regulatory directive.
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