Satomi further noted that most of these loan apps or companies and individuals operate with no regulation by the government, expired licenses and in some cases, no licensing.
He said, “The House is worried about the operations of Kash Kash, with a hosted operating account under the name Super Car Universal Limited with a certain commercial bank in Nigeria, where Kash Kash carries out activities of the loan app, such as the exorbitant interest rates they collected from customers and defamatory messages sent to contacts of their customers when they missed their repayment date.
“The House is again worried that many of such online loan apps operating in Nigeria, disbursing loans to customers with no collateral and defaulters, are always sent threatening messages and that loan apps and other fintech products can be used for money laundering and other forms of illicit financial flows.
Collecting their money without paying back is not illegal, right? If you don't want to be threatened, pay back or don't collect their money!
Very good fairmoney_ng ,Pam Credit and others are super illegal. cenbank NGRSenate