FairMoney Loan Controversy: ₦1.3m Loan Allegedly Swells to ₦6.8m After Top-Up

The complaint has prompted calls for the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) to examine how FairMoney calculates interest and restructures loans following additional borrowing.

The borrower, Chukwuemeka Peter Madunagu, alleges that the repayment figure became substantially higher after he obtained a ₦500,000 top-up on an existing facility.

More Read

Bauchi Police arrest woman over six-year-old stepson’s death

‘The grass is greener until you know its cost’ — Chiwetalu Agu lists life’s ironies

Police arrest two siblings for allegedly macheting stepbrother to death in Cross River

Police arrest 28-year-old man over 200,000 POS robbery in Enugu

According to documents relating to the complaint, Madunagu had already paid ₦442,868 on the original loan before requesting the additional ₦500,000.

Originally published by
tgnews.com.ng

Read Full Story