Nigerians are turning to expensive emergency loans to cover the cost of essentials, as the country’s economic woes push more people into poverty and fears grow of a consumer debt crisis.
High inflation and a controversial austerity drive by the government have weighed down on Nigerians’ incomes at a time when payday loan providers have become ubiquitous.
“You become enslaved,” said Samuel, the owner of a small dry cleaning company in Lagos who declined to give his surname because of the stigma attached to borrowing in Nigeria. At one point he owed money to four different fintechs at interest rates as high as 40 per cent and was paying back one loan with credit from another.
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