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Nigeria cracks down on online money lenders

Nigeria cracks down on online money lenders

MACDONALD DZIRUTWE NIGERIA is cracking down on unregistered online money lenders who provide short-term loans without security at high interest, the consumer protection agency said, adding it had asked Google to remove some lenders' apps from its play store. Known as "loan sharks" for their aggressive recovery methods, the lenders charge interest as high as 45% per annum. Applicants download an app, fill a form and are asked to allow the lender access to their contacts for "risk management purposes." Millions of Nigerians who lack bank accounts or security to borrow turn to these lenders for loans starting from 2,000…
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