“If You All Don’t Save Me, I Will End My Life”: An Assessment of (Il)legal Online Digital Lenders (Loan Sharks) in Nigeria

This article examines the activities of (il)legal online lenders in Nigeria. A qualitative method was adopted in which literature, media reports, commentaries and indepth interviews were deployed. We argue that the insufficient regulatory role of the government, the laxity of laws, a failure to initiate social security, poor access to loan facilities, corruption and poverty, among other factors, account for the incursions of illegal online lenders (loan sharks) who deploy unorthodox methods in reclaiming their loans from defaulters in Nigeria, and that use of force remains ineffective. We recommend a more robust and holistic framework to tackle (il)legal online lenders. This must, among other things, start from the government’s political will, revamping the economy, establishing an effective regulatory role of government and its agencies in the online and offline financial institutions, and creating job opportunities, access to loans and an enabling environment for businesses to thrive.