It is no longer news that loan apps have grown wings, with the approval of 222 money lending apps in Nigeria. Yes, you heard me right, 222, with each loan app operating a minimum of 5 different apps, and some even offering 4 different packages in one. With this development, consumers or borrowers have no choice but to refrain from borrowing and look elsewhere for their money, even with interest rates as high as 50% to 70% in just 7 days.

This has given loan app agents the opportunity to think outside the box and create Loan App Ponzi Schemes (Nigerians no dey carry last). They start preying on customers who are desperately seeking solutions and also create opportunities to defraud their companies and divert thousands into their pockets.