FairMoney is trending after a lady tried borrowing ₦100k on the app but was mistakenly credited ₦1M instead.
The twist is that she must repay ₦1.9M in 11 months, an alarming 97.22% interest rate.
She contacted FairMoney to cancel the loan, but her calls were ignored multiple times.
When she finally got through, she was told the only way to cancel it was by paying ₦1,188,845.84 within three days.
If she fails, the full ₦1,972,200 repayment will stand.
This isn’t the first time FairMoney has sparked outrage.
Last year, a user requested ₦2,500 but was credited ₦2M instead, with a 240% interest rate that required her to pay ₦6.8M in one month.
Despite instantly returning the ₦2M, the penalty persisted until Nigerians on Twitter intervened.
Now, the conversation is centered around whether such financial practices and exorbitant interest rates are even legal.
