Can Loan Apps Freeze or Blacklist My Bank Account?

NO! and yes.

NO: They are not core financial institutions, so they cannot freeze your account. Only the following agencies can freeze your account:

1. Bank: In case of suspected fraudulent activities or irregular transactions.
2. CBN: The Central Bank of Nigeria has the authority to freeze accounts.
3. Law Enforcement Agencies: EFCC, ICPC.
4. Courts.
5. Tax Authorities: Via court order.
6. Financial Regulatory Bodies: SEC, NAICOM, with permission.

Yes: How then do loan apps blacklist my account? The answer is simple. They can pose as you, using some basic information about you (such as your name, BVN, phone number, date of birth, address, account number, account type, email address) to call your bank or use USSD services informing them that you misplace your debit/ATM card. Please note that the required information varies per bank.

Do not panic at all. They only block your account in the same way you would report it if you misplaced your ATM card or smartphone. Simply walk up to any branch of your bank to unblock your account. It's very simple. Do not let fear grip you. The next time they call, tell them to unblock the account themselves.

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Cheers