Data Breach By Loan Apps: FG To Protect Nigerians

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Chinedu Ibeakanma
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If Federal Government Can Ban Some Loan Apps, We Will Forgive Buhari, Nigerians Say.

Many people on social media have reacted to the news that the federal government is set to enforce the right of Nigerians following the illegal actions of online loan lenders.

According to some reactions noticed among heavy social media power houses, if the federal government fulfills its promise in regulating the money lending companies, all past sins would be forgiven.

Some loan apps have been making life frustrating for some Nigerians through their illegal tactics on money recovery. Most of the guilty loans apps go about the recovery in criminal ways according to many reactions by the general public.

Some also invade their customers’ privacy, a move the Federal Government is strongly against. In fact, some Nigerians have even contemplated taking their own lives over the actions some of these money loan apps.

we should not forget that the ”family” is the smallest and most importanrt unit of any society. if a family is stable, successful and healthy, it will have a direct impact on the general society of a country at large.: and if a family is poor, unhealthy, and in dept, it will cause a terrible and revibrating unpleasant effect on the society at large.

one only need to compare the societies of the third world [ developing ] and advanced societies to understand this fact.

A lot of foreign companies are coming into our country [China especially ] with the claim of helping us but at the end of the day are plunging us deeper into dept and poverty while they take their profits back to their respective countries to benefit their own citizens.

See Also: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine

If majority of our citizens are out of dept it will also reflect on our country’s financial stance on the world stage.
Our country is indebted to other countries an financial institutions on a world stage ; not only because of poor management and execution of resources but also of the reflective nature of our personal financial stance and result as citizens.

 NITDA One online loan app is notorious for this unethical approach to lending in the country.

Sokoloan which previously had been sanctioned with a N10million naira fine is still in the business of unethical loan lending approach.

This company is notorious in the way it treats it customers by violating their basic human rights and violating their privacy which include blackmail.

Sokoloan is at the top of the federal government’s watch list when this policy comes into full effect soon.

The NITDA has received over 40 petitions from members of the public on the personal data abuse of victims of Sokoloan.

Please readers should be informed and information should be passed across all social platforms so that people can understand and exercise their basic human rights.

From hence forth people should not entertain any call or text messages they receive from any loan app claiming that someone from their contact list took a loan from them.

It is a crime to blackmail,

it is also a crime to claim that someone who has no physical or electronic contact with you is a guarantor.

“Section 17(a) of the FCCPA, 2019 empowers the Commission to administer and enforce provisions of every Nigerian law with respect to competition and protection of consumers. NITDA has therefore found the FCCPC as a key stakeholder in its efforts to rein in the activities of some micro-money lenders who have formed a penchant for abuse of personal data of Nigerians. These operators execute this by abusing their personal data, breaching their privacy and sharing it with others who are not part of the initial contract.”

Source: Legit.Ng

This post was written by Chinedu Ibeakanma.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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