By David Ajao
As the Federal Competition and Consumer Protection Commission (FCCPC) intensifies efforts to clamp down on illegal loan apps across Nigeria, certain dangerous platforms like Ymoney remain active, perpetrating distressing practices that go beyond financial exploitation.
An in-depth investigation by TheDispatchng.com reveals that Ymoney, operating under the name of New Credage Lagos and linked with the Wema Bank account number 6866136574, has continued to prey on vulnerable Nigerians through fraudulent loan services.
Despite not being registered on official platforms such as Google Play, Ymoney markets itself aggressively on social media and unsecured channels, enticing users to download the app—unknowingly stepping into a torturous ordeal.
Deceptive Operations And Predatory Lending
Ymoney offers short-term loans typically lasting seven days but imposes exorbitant interest rates — roughly 45%. Borrowers begin facing harassment as early as the third day after taking the loan. Defaulting on repayment triggers a cascade of abuse, not just towards the borrower but extending to their family members and associates.
Cyber Bullying And Defamation Tactics
The most chilling aspect of Ymoney’s operation lies in its use of cyber bullying as a weapon. Once a borrower defaults, the app’s operatives commence a ruthless campaign of defamation: They obtain and circulate borrowers’ photos, falsely labeling them as carriers of HIV/AIDS.
These defamatory images and claims are sent across the borrower’s entire contact list.
The harassment is relentlessly orchestrated through specific phone numbers, including 09132599656 (under the name Purity), 09138564352, and 09048919830 (which Truecaller identifies as Jamal Kamal).
This campaign extends beyond digital shaming. Following the defamation, borrowers and their families receive daily abusive and threatening messages, subjecting them to severe emotional and psychological trauma.
Continued Harassment Post-Payment
Even after borrowers manage to repay the loans, reports indicate that Ymoney does not relent. The same harassment strategies continue, with operatives threatening families and extorting money, circulating photos on WhatsApp and other social platforms to apply pressure.
Legal And Social Implications
This investigation highlights a disturbing trend of predatory financial services weaponizing stigma, particularly the false allegation of HIV status, to intimidate and control borrowers. Such acts deepen social marginalization and mental distress, compounding the economic hardships Nigerians face.
Despite ongoing FCCPC crackdowns, Ymoney’s ability to operate through unofficial channels and social media points to gaps in enforcement and raises urgent calls for:
Stronger regulation and policing of loan applications beyond traditional app stores.
Increased public awareness about the risks of downloading unverified loan apps.
Swift legal action against operators perpetuating cyber bullying and defamation.
Why FCCPC, Others Must Take Urgent Action
Ymoney’s case is a stark warning about the complex dangers posed by illegal loan apps exploiting technological loopholes to inflict damage far beyond financial debt. Nigerian authorities and civil society must urgently address these abuses to protect citizens from enduring harm to their dignity and mental health.