A fresh controversy over digital lending has put FairMoney under the regulatory spotlight after a Nigerian borrower alleged that a ₦1.3 million loan was transformed into a ₦6.814 million repayment obligation following a ₦500,000 top-up.
The allegation raises a fundamental question for the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC): how transparent is FairMoney’s loan-restructuring system?
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The borrower, Chukwuemeka Peter Madunagu, says he had already paid ₦442,868 on the original facility before requesting the additional ₦500,000.
Originally published by
tgnews.com.ng
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