In a statement on Thursday, the corporation said lenders must not contact borrowers’ family members or employers, issue threats or abuse them, or publicly shame debtors on WhatsApp and social media.
“Falling behind on a loan does not give any lender the right to harass you. Debt recovery must follow collection practices. That means: no threats, no abuse, no calls to your family or employer, and no public shaming on WhatsApp or social media,” it said.
CREDICORP stressed that owing money is not a crime and that borrowers retain their rights even when they default on loan repayments.
“Being in debt is not a crime, but unfair treatment is,” the corporation said.
It also cited Section 34 of the Nigerian Constitution, which guarantees the right to dignity of the human person, noting that the Federal Competition and Consumer Protection Commission (FCCPC) lending framework prohibits intimidation and violations of borrowers’ privacy.
The corporation advised borrowers who believe their rights have been violated during debt recovery to document the alleged misconduct and report it to the FCCPC or the Central Bank of Nigeria (CBN).
The latest warning follows an earlier advisory by CREDICORP urging Nigerians to consider the full implications of taking loans instead of focusing only on interest rates.
“A loan is more than just an interest rate. Before deciding whether a loan is right for you, look at the full cost of the credit, the repayment terms, what the funds will help you achieve, and the value they could create,” it said.
CREDICORP added, “Don’t judge the loan by one number.”
The corporation, however, clarified that the guidance was issued for informational purposes and does not constitute legal advice or official policy guidance.
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