Customers lament the harassment, intimidation, humiliation and threats they receive from digital loan creditors, urging the Federal Competition and Consumer Protection Commission (FCCPC) to call microfinance banks, EasyBuy, MoniePoint and Palmcredit, among others to respect the rights of their customers even when they default by a few days
By Edu Abade
A lecturer in one of the country’s federal universities, Ikechukwu Maxwell, was visibly enraged while talking to a MoniePoint customer service officer on the telephone. His argument was that he had paid off a little quick digital he took a couple of months back, but the officer had insisted that he had some outstanding amount to offset.
“Just give me till Monday, I will pay off whatever remains so that I can have my peace. Since I took that loan, I have not rested. It is either you are insulting me or causing me or sending some very abusive messages to me on account of a small quick cash you advanced to me for some emergency. On Monday I will pay you guys off and I will never have anything to do with you or your company going forward,” Ikechukwu told his creditor on the telephone.
Ikechukwu is not alone in that kind of ordeal. Engineer Elo Dennis Egor had a harrowing experience with officers of EasyBuy VIP loan. He lamented that he was pressed for some cash when his undergraduate son wanted to go back to school and needed to change his phone. Egor bought a phone for his son on EasyBuy by paying 30 percent and the rest of the cost was spread over a period of three months.
“After the first month, there was a little delay in raising cash, but what followed was an eyesore on the part of the EastBuy people. They gave me hell, sending all manner of messages insulting and causing me. At that point I decided that I was going to raise the money and pay them off.
“When I approached them to pay off the outstanding amount one of their officers identified as Uche was not willing to allow me to pay it off. He preferred that the loan ran its full course, because in his thinking the company will make more money from accruable interest if it ran for the remaining two months, but I insisted that I must pay it off and be free from their harassment,” he said.
He told Tentacle that he had to petition the Federal Competition and Consumer Protection Commission (FCCPC) to lodge a formal complaint against EasyBuy and Newedge for exploitative loan terms and harassment.
In his petition titled Breach of FCCPC Act 2018: Unfair APR, Refusal of Liquidation Waiver, Post-Payment Demand and Denial of Certificate of Non-Indebtedness and addressed to the Executive Vice Chairman/Chief Executive Officer of the commission on May 31, 2026 he accused EasyBuy, operated by NewEdge Digital Services Limited of exploitation, deceit and harassment over loan practices contrary to the FCCPC Act 2018 and FCCPC’s Limited Interim Regulatory and Registration Framework for Digital Money Lenders 2022.
In the petition sighted by Tentacle, he cited his loan ID: 19983391 and the facts of the case, explaining that the facility of N100,000 was disbursed on April 28, 2026, to be repaid within six months with a total repayment figure of ₦154,000 and interest charges at ₦54,000.
“Effective APR: ₦54,000 on ₦100,000 for six months amounts to 54 percent, which comes to 108 percent APR. This was not clearly disclosed as APR before acceptance, violating FCCPC’s disclosure rules.
“Early Liquidation Request: Within 30 days of disbursement, I visited Easybuy office to settle the loan early. The Customer Service Supervisor Mr. Uche who introduced himself as the customer service supervisor refused all reasonable settlement proposals and insisted the minimum waiver fee was ₦25,000 to close the ₦154,000 loan.
“To avoid harassment and have peace of mind, I paid ₦25,000 on as full and final settlement. Hours after payment, EasyBuy sent me an email demanding an additional ₦3,850 or else the waiver will be rejected and cancelled. Under duress and fear of reversal, I paid the ₦3,850 making the total paid for 30-days on ₦100,000 up to ₦32,850,” he stated.
Egor argued that EasyBuy’s transactions are grossly exploitative and unconscionable under Section 124 of FCCPA 2018, adding that despite full payment, he was still receiving SMS and phone calendar reminders for overdue loan repayment, which he said also violates FCCPC’s ban on loan harassment, access to phone contacts and calendar.
He also cited violations by EasyBuy to include unfair, unreasonable and unjust contract terms as stipulated in Section 17 of the FCCPA, exploitative pricing at 346 percent APR for 30 days contrary to Section 124 of the FCCPA, failure to disclose APR, post-disbursement change of terms and harassment after settlement FCCPC Digital Lender Framework 2022.
He is, therefore, demanding that FCCPC should Investigate and sanction EasyBuy/Newedge for 346 percent APR and post-payment demand after waiver agreement, compel EasyBuy to issue him a Certificate of Non-Indebtedness within 48 hours and an order immediate stop to all SMS/calls/calendar reminders and delist his loan from CRMS/credit bureaus as fully settled.
Egor also seeking an order to refund the ₦3,850 paid under duress after waiver was agreed, same as total loan interest paid, as well as notify the Central Bank of Nigeria (CBN) and all credit bureaus that his loan has been closed to protect his credit record.
Another customer of EasyBuy, Oghole Macauley, who took N200,000 in November 2025, to complete his son’s school fees also lamented harassment and intimidation in the hands of EasyBuy loan undertakers and recovery officers.
He explained that over 15 officers including Rejoice Ukaegbu, Hannah Bhadmos, Abibat Omobolanle Adeosun, Kehinde Bankole, Peter, Tope, Lady Success, Folakemi Gbada, Chioma Mbukwu and Mrs. Barakat were calling and sending threat massages with different numbers just because repayment was delayed for a couple of days
Some of the messages read, “Protect your image tell to pay the online cash loan taken within 2 two hours or you shall face public abashment, disgrace and shame
“Don’t bother running from pillar to post when your relatives wallow in shame on the internet. You are the black sheep who chose to disgrace them. If by 10am you haven’t paid we will sabotage both your BVN/NIN & E-Data with us, then frustrate all contacts on your phone-list just to undermine you.
“Since you have proven to be stubborn and dubious, enough to ignore our references, we would take measures which would hurt you and your relatives. You are denying your future of greater opportunities by making debt a habit, make no mistake, pay your debt today, do the right thing and make progress
“I will take your peace of mind away! This path you chose is an awful nightmare for you and your contacts. pay now or risk using the money for terrible bills. You are endangering your entire family life and guarantors by defrauding EasyBuy. Wait and see the damage you will cause yourself and family. Repay now!
Other messages read, “Oghole is on the run with EasyBuy money and is wanted for intended fraud, your reputation and picture are at stake as a guarantor. Breaching your loan terms and conditions comes with consequences. Pay now or your picture and loan receipt shall go viral on Facebook and Tiktok for fraud.
“God will destroy everything you have worked for. He will deny you of peace for the rest of your life, you will work so hard but you will not reap the fruit of your labour. Pay your loan now or wait for the aftermath
“You will go to bed tonight and wake with so much shame, we will take our time tonight to reach everyone you know, we will destroy things people know about you, pay tonight!
“Save yourself, relatives and contacts from embarrassment. we will not be held accountable for any action taken with regards to your unpaid loan today.”
With these experiences, Nigerians are being advised to device other means of survival rather than patronize digital microfinance banks like EasyBuy because after all, there is no ease with EasyBuy loans. For Ikechuckwu, Egor and Oghole, it is the end of quick digital loans.
