BREAKING! 73% of Nigerians indicate no confidence in digital money lenders – Consumertrics Survey

BREAKING! 73% of Nigerians indicate no confidence in digital money lenders – Consumertrics Survey


The majority of respondents to a recent survey conducted by Consumertrics have expressed their lack of trust in digital lenders.

The leading advisory group asked in an online poll if respondents see digital lenders as “angels or demons”, with 73 per cent choosing the latter option.

Without mincing words, the Consumertrics survey asked the direct question to the respondents: “Digital money lenders: Angels or Demons?” to which 73.2% of the Nigerian respondents who have used the loan apps all ticked, “Demons.”

The latest Consumertrics survey was informed by the unbridled operations of digital lenders which have continued to pose several trust challenges and that have now been confirmed by the Consumertrics poll.

Also recall that the industry regulator, Federal Competition and Consumer Protection Commission (FCCPC) has been pursuing them all over the place just to register their business before practicing like law and ethics demand. Ultimately, it became necessary to even feel the pulse of Nigerians who these loan apps operators claim to serve.

The Consumertrics survey also found that Nigerians would rather patronize the mainstream banks than take loans from the digital money lenders who have now gone viral as “loan sharks.”

Asked, “URGENT CASH: Who would you rather borrow from? Mainstream bank or digital money lender?” 71.6% revealed they prefer to go to our regular banks for their loan needs and not online money lenders.

Recall that Consumertrics had her maiden workshop on ‘Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection in Nigeria Digital Economy.’

The workshop which held on Thursday September 8, 2022 at The Zone Tech Park, Gbagada, Lagos was mind blowing as the key highlight became that both the borrower and the lender have to go about their business with every sense of responsibility and ethics.

Commenting on the report, the Chief Executive Officer, Consumertrics, Mr. Muyiwa Ayojimi said, “With the latest Consumertrics survey, it has become important, more than ever before, for the regulators to promote robust financial consumer protection within the Nigeria digital financial economy. This entails, ensuring fair and responsible treatment of financial consumers in their purchase and use of financial products and their dealings with financial services providers.”

Consumertrics is the foremost Nigerian pro-people and pro-brands platform designed to strengthen the relationship between customers and businesses for the sake of ‘all the sides; all the facts.’ Our key services include Consumer Research, Consumer Information and Consumer Governance

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