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Why You Should Beware Of Unlicensed Online Small Loan Apps/websites

Beware of all the online apps that give out small loans in order to harvest your BVNs. Most of them are doing so just to use their access to your BVN against you in the near or far future. Don't forget that banks always warn all their customers not to reveal their BVNs and card details to anyone. They are meant to be kept secret. Don't forget that you won't be poor for life. A time is coming when you will become so big that you will have millions or billions in your bank account. That's when most of the unregistered and unlicensed loan app admins are patiently waiting for to launch their well calculated attack.

Below are some other facts about them and why you shouldn't bother getting that 10k loan by which they will know your BVN:

1. Most or all of them are not registered with the CBN and NDIC and other relevant regulatory agencies. Don't be surprised that some are not even registered with the CAC, which means they are illegal in the eyes of the law.

2. CBN, NDIC and other financial regulatory agencies frown at their activities and so, they warn the public regularly via jingles and lectures not to reveal sensitive and private financial details to them.

3. Most or all of them don't have physical offices. Their office is on the web/app and they try hard in a diplomatic manner not to let anyone know their exact address. I hope you've not forgotten about MMM. If any bad thing happens to your bank money through them, you're on your own. Beware!

4. Even the big and CBN-registered banks don't splash out loans like that. This should even make you suspicious that if big and well established banks are wary to 'dish out' money to all and sundry, who are those behind the phishing apps to entice people with meagre loans just for them to have their BVN? Maybe anyone can help answer this question.

Bottom Line
Beware! Most loan apps are getting people's BVNs to defraud them in the near or far future. A word is enough for the wise!

Thanks for reading.

Writer: Oluwafemi Owoeye(Owofem/Moneyfem)(CEO, OWOFEM SOLUTIONS AND GLOBAL SERVICES)

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