Lagos, Sept 4, 2025 (AFP) - Digital loan sharks prey on inflation-hit Nigerians

NAMPA / AFP

2025-09-04

Cash-strapped and in dire need of 30,000 naira (about $20), Mariam Ogundairo turned to a loan app, downloading it and registering her phone number. The money was quickly sent over but came with a 21.6 percent interest rate, due in two weeks. Like many in Nigeria, battered by inflation, Ogundairo was too broke to pay back what she owed. Then came a deluge of harassment -- a tactic that has become the hallmark of many loan apps in Africa's fourth-......

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