Business
Loan App Agents Admit They Are Force To Disburse Loans To People
Loan App Agents Admit They Are Force To Disburse Loans To People
Some agents working for loan apps, which include Palmcredit, Easybuy, Xcrosscash, and Newcredit, have shared some sordid tales of how their employers allegedly made them start disbursing loans to people that never applied nor requested loans and would later begin to harass them for repayment with interest.
The mandate from their employers is to get loans disbursed to as many people as possible on a daily basis and by all means.
And that comes with a target that must be met: For some daily conversion is 20, while others have it as high as 35 and the target often becomes higher as the need arises, according to the agents.
Conversion in the loan app parlance means the number of people each agent disbursed loans to on a daily basis.
To arrive at the conversion, each agent is given 270 mobile numbers of potential borrowers every day, the first target is to achieve at least 90 connects, this means that out of those 270 phone numbers, some of which may be switched off or no longer in use, they must be able to talk to at least 90 people, from which they must get at least 20 people to disburse loans to.
Consequences of failure
According to some of the agents who spoke to Nairametrics under the condition of anonymity for the fear that the company might come after them, latching onto the high unemployment rate in the country, the operator of the apps stipulates termination of employment as the consequence of failure to meet the conversion target.
They, however, give agents the opportunity of being trained 3 times to learn more about how to cajole people into taking loans before being booted out if the targets are still not met.
“Each day, we are assigned 270 numbers to call and we are expected to connect at least 90, that is, have communication with at least 90 customers. Some of the numbers could be switched off, and there could be hang-ups due to poor network, but you have to connect 90. The worse is the conversion rate target is not static, this week you could be asked to have a conversion rate of 35-40, and the next week it could be 45. Conversion here means the number of people who took loans through you,” one of the agents told Nairametrics.
Another agent whose daily conversion target is 20 said:
“I am in the nano department that handles Palmcredit and Xcrosscash. We are expected to achieve 20 conversions daily and this sums up to 120 conversions in a week. If you missed your target in a week, you will be sent for training, if you missed another week, you will be trained again until the third time. If you miss the target a 4th time, your appointment will be terminated.
So, to meet this target, agents most times do disburse loans to people that did not apply so far they have the loan apps on their phones and had taken a loan before. This is possible because we have access to the customers’ accounts on the apps. Again, on the apps, there are some settings that require the customers to stop automatic loans, but many don’t see it, which means that their account can be credited with loans at any time even when they did not apply.”
Shady interest rates
For these loan apps, it is not just about pushing out the loans, the motivation is the high-interest rates attached which the borrowers must pay. Curiously, the loan apps are not open when it comes to the rates charged on their loans, which often led to some borrowers getting stuck in the process of repayment.
One of the agents narrated:
“Easybuy sales script trains agents to pitch a percentage as low as 8% to customers whereas a customer that applies for 100,000 and chose the repayment tenure of 6 months pays back over 70,000 as interest charges, which is 70%. We have complained about the high-interest rate as it is also affecting us in getting conversions, but it only keeps increasing by the day.
“Secondly, we have sold by cajoling customers on promos that never were in place, an example was during December last year when we were asked to pitch a New Year Promo to the customers, where they could win iPhone 11 pro max, but there was nothing like that. Maybe some people can win tomorrow anyways.”
Protest and appointment termination
Tired of the working conditions and what they described as unrealistic targets being set by their employer, some of the agents decided to stage a protest to demand better working conditions.
According to them, the management of the company handling the loan apps, Emtill Solutions Limited got wind of the plan and hurriedly issued an undertaking to be signed by all staff.
Part of the undertaken, a copy of which was sighted by Nairametrics, read:
“I will contribute to maintaining a peaceful and harmonious workplace for all employees. I will refrain from any actions or behaviors that may incite or contribute to riotous situations.
“I understand that engaging in riotous behavior is a serious violation of company policies and may result in disciplinary action up to and including termination of employment. I am prepared to accept responsibility for my actions and face the consequences should I fail to abide by this undertaken.”
Agreement form agents are made to sign
While some of the agents refused to sign the undertaking and went on to stage the protest within the premises of the company, 7 of them were handed their employment termination letter the following day. A copy of the termination letter dated August 4, 2023 reads:
“We are sorry to inform you that your appointment with EMTILL SOLUTION LIMITED as SALES AGENT is terminated with immediate effect, which is also your last working day. You are hereby required to hand over any company material, equipment, and documents in your possession to the Human Resources Department.”
When contacted, the Human Resource Manager at Emtill Mr. Olurankinse Oludotun confirmed that indeed that the agents were sacked for protesting.
According to him, they were made to sign an undertake which forbid them from staging any protest.
“The content of the undertaken does not suggest that they cannot complain about the work, but it says they cannot make a protest while at work. What we are saying is that if there is a need for them to complain, they should use the official means to complain, not protest,” he said.
Company denies allegations
While denying the claims by the agents that the working condition in the company was bad, he admitted that “there is always room for improvement.” Oludotun also described every other allegation levelled against the company as ‘untrue’.
When asked why the company encourages the disbursement of loans to people that did not request it in order to meet targets, Oludotun said:
“Well, you will agree with me that employees have a way of badmouthing the company. For an employee to say they are being mandated to push loans to people that did not request, it is very wrong.”
On the claims that the agents are being given unrealistic targets that force them to be pushed out loans by all possible means, the HR Manager said: “That is not correct.”
Between Emtill and Newedge Finance
While the apps operated by the agents are owned by Newedge Finance Limited, a loan app company fully approved by the Federal Competition and Consumer Protection Commission (FCCPC), the agents were employed by Emtill Solutions Limited, a company that prides itself as “a leading contact centre in Nigeria, that provides both inbound and outbound multichannel customer service.”
This suggests that Newedge Finance outsourced the management of its apps’ sales services to Emtill.
The agents, however, insisted that they were working for Newedge because all the customers they were dealing with were made to pay into Newedge finance accounts.
When contacted, the CEO of Newedge Finance Limited, Ms. Jessica Ugwuoke, denied any knowledge of the employees that were sacked but was evasive about the company’s relationship with Emtill.
“Emtill is a totally different company, we are Newedge Finance Limited, that is all I can say,” she told Nairametrics.
On the list of approved digital lenders just released by the FCCPC, Newedge Finance has three loan apps registered to its name. These include Palmcredit, Easybuy, and Newcredit.
Loan apps users continue to lament
Aside from the issue of harassment and defamation of borrowers by loan apps which prompted the FCCPC in collaboration with other sister government agencies to come up with the registration framework for digital lenders, many Nigerians have continued to lament different atrocities of loan apps in the country.
Now common across several loan platforms in the country is the practice of forcing loans on people.
Unfortunately, this is not peculiar to unregistered loan apps as many of the currently registered apps are also found guilty of this sharp practice.
Sharing her experience with one of the loan apps, a victim, Joseph Oluwakemi, said:
“I was a victim of Hen loan last month. They paid a loan I never requested into my account, I complained and they took back the money. After the seven days lapsed they started threatening me for the interest. The agent tagged my picture with my BVN and sent it to all my contacts, describing me as a criminal.”
Borrowers are also lamenting the high-interest rates being charged by these loan apps, which oftentimes, are not fully disclosed before the loans are taken.
Many often realize in the course of repayment that they have to pay more than the interest rate stated before they took the loan.
Below are screenshots from the responses of agents( image attached)
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news3 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
Business6 months agoGTCO increases GTBank’s Paid-Up Capital to ₦504 Billion