When Tolulope Akomolafe, a resident of Osun State, obtained a N130,000 loan from Primera Microfinance Bank in May 2021, little did he know it would be a never-ending debt.

Akomolafe told FIJ that after deducting his loan in full, the microfinance bank had deducted an extra N88,000 in eight months from his bank account.

He said that he obtained a N130,000 loan from Primera Microfinance Bank in May 2021 and was informed by a staffer of the bank that the firm would deduct N11,000 from his bank account for 24 months, which he agreed to.

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According to him, at the expiration of the 24 months in May 2023, the microfinance bank would not stop deducting his money despite repeated attempts to stop them from doing so.

“I don’t know why this has gone on. I have contacted the bank in every way that I can, but I barely get a response. And, despite what I said, they have continued to take my money,” Akomolafe told FIJ.

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“I learned that they were one of the MFBs that had an issue with the CBN, but a colleague of mine said something of the sort happened to her years ago when she took a loan from them.”

FIJ contacted Primera Microfinance Bank via its info email address, but it bounced back. When FIJ called their line as displayed on their Facebook page, there was no connection. A text sent to their WhatsApp business account had not been responded to at press time.