Digital financial services provider OPay has intensified efforts to recover unpaid loans from customers who allegedly abandoned the mobile phone numbers linked to their accounts in a bid to evade repayment.
The company said it has uncovered a growing trend in which some borrowers stop using or discard the SIM cards registered to their OPay accounts after obtaining loans, believing that changing their phone numbers would make it impossible for the lender to trace them.
OPay, however, warned that abandoning a SIM card does not erase a borrower's financial obligations and will not prevent debt recovery efforts.
According to the fintech firm, customers' identities are tied to multiple verification records obtained during the Know Your Customer (KYC) registration process, including the National Identification Number (NIN) and other personal information. These records enable the company to continue debt recovery even when a customer changes or abandons a registered phone number.
Industry analysts note that while changing a SIM card may make it more difficult for lenders to contact borrowers initially, it does not extinguish the debt. Digital lenders increasingly rely on verified identity data, regulatory compliance measures, and credit reporting systems to trace defaulters and recover outstanding loans.
The development reflects a broader effort by digital lending platforms in Nigeria to curb rising loan defaults as the fintech lending market continues to expand.
Financial institutions have also continued to remind customers that defaulting on loans could affect their credit history and limit future access to financial services.
OPay advised borrowers experiencing repayment difficulties to engage with the company rather than abandon their registered phone numbers, noting that communication and restructuring options may be available in some cases.
0 Comments