Alliance for Economic Research and Ethics LTDGTE.
Nigerians Paying Over 300% Interest On Digital Loan Apps, Oye Urges CBN To Cap Interest Rates.
Alliance for Economic Research and Ethics Chairman, Dele Oye, yesterday raised concern over the growing burden of high-interest digital loans in Nigeria, noting that poor and vulnerable Nigerians are being trapped in a cycle of debt by digital lending platforms charging more than 300 per cent interest annually.
In a statement yesterday, he urged the Central Bank of Nigeria (CBN) and relevant regulatory authorities to enforce interest rate caps on digital loans and strengthen consumer protection measures to prevent exploitative lending practices. Oye said: “In the complex economic landscape of Nigeria, a brutal mathematical reality persists: it is profoundly expensive to be poor.