Facing grueling working conditions and what they perceive as unattainable benchmarks set by their employers, certain agents employed by loan apps in the country have come forward to expose questionable practices employed by their companies in pursuit of profits.

Remaining anonymous to shield their identities, these agents disclosed that their employers compelled them to distribute loans to individuals who had not even applied for them. These actions were taken as an effort to fulfill demanding targets, which range from 20 to 35 loan recipients daily. Each agent is provided with a list of 270 potential borrower phone numbers daily, creating a relentless push to meet the imposed quotas.

Their employers have mandated a relentless focus on disbursing loans to as many individuals as possible within a single day, without regard for the legitimacy of the transactions. This expectation of high daily conversion rates, ranging from 20 to 35 approvals, is an unrelenting pressure placed upon the agents. As circumstances evolve, the targets are adjusted upwards, further intensifying the challenges faced by these agents.

“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 to 90.

“The worst is that 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.

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.

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 my 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.

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