Business
Loan Drama: Why FCCPC Needs to Investigate Easy Buy Over Death Threat

Since the emergence of Digital money lenders, popularly known as loan apps in Nigeria, there seems to be some form of respites for those in need of simple and urgent loans to solve issues without any form of collateral and with just simple process, the money is approved within minutes into accounts.
In looking at these loan app companies, one will agree that they are really playing significant roles in extending credit facilities to the informal sector and have been able to take huge burden away from the regular banks in the country all thanks to the use of BVN.
Through a Limited Interim Regulatory Framework and Guidelines for Digital Lending, the FCCPC has been registering and approving digital lenders that meet the set standards.
While this has succeeded in bringing digital lenders under a form of control, it has not eliminated unethical practices in the market as some lenders like Newedge Finance Limited is one of the few with ugly practices.
For many who don’t know, Newedge Finance Limited is a financial institution established in 2019 and licensed by the CBN to operate as a finance company in Nigeria. The company provides instant loan services using multiple channels. Its loan apps include, Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash. Each of the apps offers a wide range of loans tailored to meet the needs of the customers.
Newedge Finance Limited through one of its loan apps, Easy Buy, has been offering loan services to many with ease despite the huge interest attached to it but things will always go bad when they set out to retrieve their loan as they lay curses and send all kinds of text messages to their customers who are not able to meet up with the deadline.
Being part of the reasons, the regulatory agency decided to restrict the activities of others, Newedge Finance Limited through its Easy Buy loan app, has continued to maintain a strong form of harassments to some of its customers who are not able to meet up with their due date. They send life threatening messages as well as insults upon insults through its agents and this has made many ponder why the regulatory agency is yet to investigate their activities as regards the forms to which they use in getting back their money.
Below are some of the messages they sent to one of their customers who did not meet up with the due date.