In a shocking development, a customer of FairMoney, a prominent digital lending platform in Nigeria, has raised an alarm over an alleged error that led to the disbursement of N1 million instead of the requested N100,000. The incident, shared by media personality Rufai Oseni on his X (formerly Twitter) account, has sparked public concern over the company’s handling of such sensitive matters....CLICK HERE TO CONTINUE READING.>>
According to the victim, identified as Ijeoma, she has been a loyal customer of FairMoney for two years, regularly taking and repaying loans without issues. However, her most recent experience turned into a nightmare. On attempting to borrow N100,000 through the app, Ijeoma claims she was instead credited with N1 million. She reportedly did not notice the error immediately but realized it within an hour.
Thank you for reading this post, don't forget to subscribe!Upon discovering the discrepancy, Ijeoma took immediate steps to resolve the issue by contacting FairMoney’s customer care. However, her attempts to return the funds were met with frustration. She alleged that her first three calls to FairMoney’s support agents were abruptly disconnected after explaining her situation. On her fourth attempt, a female representative finally responded but informed her that she would receive details of the repayment terms via email.
Ijeoma expressed deep concern about the high-interest rates associated with the N1 million loan, which she insists she never intended to take. She begged the company to reverse the transaction, emphasizing her inability to repay the hefty sum. “I don’t need N1 million. I can’t pay the interest; it is too much for me. Please, I need help,” she pleaded.
The incident has sparked outrage and debate on social media, with many users questioning FairMoney’s internal controls and customer service standards. Critics argue that such an error could have devastating consequences for customers, particularly those who lack the financial capacity to handle unexpected liabilities.
As of now, FairMoney has not released an official statement addressing the matter. However, the incident raises critical concerns about the accountability and responsiveness of digital lending platforms in Nigeria. It also highlights the potential risks associated with relying on automated systems for financial transactions without adequate safeguards to address errors.
The Central Bank of Nigeria (CBN) and other relevant regulatory bodies are being urged to investigate the matter and ensure that digital lenders operate with greater transparency and fairness. For Ijeoma, the situation remains unresolved, as she awaits a response from FairMoney that would allow her to return the excess funds and avoid financial distress.
