Are loan apps aiding financial inclusion or deepening debt burden for users?
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Loan Apps in Nigeria: Over 200 mobile loan apps operate in Nigeria, with many unregistered and offering high-interest loans that often lead users into a cycle of debt and harassment due to unethical recovery practices.
Regulatory Challenges: Despite efforts by the FCCPC to regulate these apps and protect consumers, enforcement remains weak, allowing new non-compliant apps to emerge and exploit vulnerable borrowers.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
