Borrower Challenges FairMoney Over ₦6.8m Repayment on ₦1.3m Loan

A Nigerian borrower has asked FairMoney to explain how an initial ₦1.3 million loan, followed by a ₦500,000 top-up, became a total repayment obligation of about ₦6.8 million. He says he had already repaid ₦442,868 before taking the additional facility. FairMoney said the original loan carried 13.18% monthly interest, while the top-up carried 20.14% monthly interest. The borrower disputes the calculation and wants a clear breakdown of the outstanding principal, accrued interest, fees, restructuring terms and every payment applied to the balance. A second customer also reportedly questioned a sharp difference between a previous liquidation figure and a later repayment demand. The cases raise wider concerns about whether digital lenders clearly disclose annual percentage rates, repayment schedules and the financial effect of loan top-ups. The CBN and FCCPC may need to examine the relevant loan agreements and ledgers to determine whether the figures and disclosures comply with consumer-protection rules. Clear, verifiable loan calculations are essential for Nigerians who depend on digital credit for urgent expenses.

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