The Alliance For Economic Research and Ethics LTDGTE.
Oye to CBN: 300% loan app interest choking Nigerians
By Merit Ibe
The Chairman of the Alliance for Economic Research and Ethics, Dele Oye, has 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.
Oye, in a statement titled “The Mathematics of Marginalization: Decoding Nigeria’s Poverty Premium,” said Nigeria’s economic system was increasingly penalising poor citizens, forcing them to pay more for basic necessities such as food, healthcare, housing and access to credit.