CREDICORP Warns Lenders Against Harassing Borrowers

The Nigerian Consumer Credit Corporation (CREDICORP) issued a warning to lenders on Thursday, stating that they must not threaten, abuse, or publicly shame borrowers over unpaid loans. CREDICORP emphasized that debt recovery should be conducted lawfully and with respect for consumers' dignity, prohibiting lenders from contacting borrowers' family members or employers and from exposing debts on social media platforms like WhatsApp.

The corporation clarified that falling behind on loan payments does not constitute a criminal offense and that borrowers retain their rights even when they fail to meet repayment obligations. CREDICORP referenced Section 34 of the Nigerian Constitution, which guarantees the dignity of the human person, and noted that the Federal Competition and Consumer Protection Commission's lending framework prohibits intimidation and privacy violations.

Borrowers who feel their rights have been violated are advised to document the misconduct and report it to the Federal Competition and Consumer Protection Commission or the Central Bank of Nigeria. The guidance serves informational purposes and does not constitute legal advice.