Spotting illegal loan apps and money scams
Learn common warning signs in loan apps and money offers, and where to check official regulator lists. Afiwe's name checks are not a live licence guarantee.
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Example only — an upfront fee request
When you need money fast, scammers know it. Some loan apps and 'investment' offers are built to trap you. Here's how to spot them. Warning sign one: they ask for money before they give you money. A 'processing fee' or 'insurance fee' paid upfront, before the loan arrives. Genuine lenders take fees from the loan or add them to repayments; they don't ask you to send money first.
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Example only — an upfront fee request
When you need money fast, scammers know it. Some loan apps and 'investment' offers are built to trap you. Here's how to spot them. Warning sign one: they ask for money before they give you money. A 'processing fee' or 'insurance fee' paid upfront, before the loan arrives. Genuine lenders take fees from the loan or add them to repayments; they don't ask you to send money first.
Contacts and photos permissions
Warning sign two: the app wants your contacts, photos or gallery. Some illegal lenders use your contact list to shame you, messaging your family and friends if you're late. A loan app doesn't need your photos.
Protect your PIN and codes
Warning sign three: they ask for your PIN, password or one-time code. No real bank or lender ever needs these. Anyone who asks is trying to empty your account. The same goes for anyone pressing you for your BVN or Ghana Card details over the phone.
Promises that sound too good
Warning sign four: promises that are too good. 'Double your money in thirty days.' 'Guaranteed returns.' Real investments carry risk and don't promise miracles.
Pressure and threats
Warning sign five: pressure and threats. 'Decide now or lose the offer.' Or insults and threats when you're late. Legitimate lenders must follow rules on how they collect.
Nigeria: check the official list
So, check before you borrow. In Nigeria, digital lenders must be registered with the Federal Competition and Consumer Protection Commission, the FCCPC, and banks with the Central Bank.
Ghana: check the official list
In Ghana, check the Bank of Ghana's list of licensed institutions. If a lender isn't on the official list, walk away.
Report it and get support
If you've been targeted, report it to the regulator, and to your bank if money left your account. You're not alone, and it's not your fault.
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General education, not financial advice. Amounts shown in illustrations are examples only.