AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Compare the amount debited with the repayment amount in your loan agreement, then ask the lender in writing for a statement and a refund of the excess. The FCCPC's 2025 digital lending regulations require full disclosure of costs before you borrow, a statement within 24 hours of request and complaints resolved within 24 to 48 hours; unresolved complaints go to lenderstaskforce@fccpc.gov.ng.
Step one: work out exactly what was agreed
Before anything else, find your loan agreement or the offer screen you accepted. Note the amount borrowed, the amount to be repaid, the due date, and how the lender states its cost: per day, per month, a flat fee or an annual percentage rate (APR). These are not the same. A rate of 1% a day sounds small but adds up to about 30% over 30 days on a simple basis, which is very different from 30% a year.
Then list every debit the app made from your card or account, with dates and amounts, from your bank statement.
Worked example: spotting the overcharge
Example only. Femi borrows ₦50,000 for 30 days. His agreement states a charge of 15% for the term and a repayment of ₦57,500.
| Line | Amount |
|---|---|
| Borrowed | ₦50,000 |
| Charge stated in agreement (15% of ₦50,000) | ₦7,500 |
| Total due per agreement | ₦57,500 |
| Debits from his card (₦30,000 + ₦33,000) | ₦63,000 |
| Excess taken | ₦5,500 |
Checks: ₦50,000 × 15% = ₦7,500; ₦50,000 + ₦7,500 = ₦57,500; ₦30,000 + ₦33,000 = ₦63,000; ₦63,000 − ₦57,500 = ₦5,500. If the agreement allowed a late fee and Femi paid late, part of that excess may be due. If not, the ₦5,500 is his claim.
What the FCCPC rules say
The FCCPC's Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 took effect on 21 July 2025. Implementation was suspended in April 2026 after a court challenge, and the FCCPC announced on 20 July 2026 that it had resumed after the court upheld the regulations. Provisions relevant to an overcharge include:
- Regulation 17
- Full disclosure of rates and fees before the transaction
- Regulation 18
- Interest or fee changes only if the contract expressly allows; no unfair terms (with reference to section 127 of the FCCPA)
- Regulation 21(b)
- A statement provided within 24 hours of the consumer's request
- Regulation 22(d)
- Complaints resolved within 24 hours, and at most 48 hours
- Regulation 26(2)
- Complaints to the FCCPC at lenderstaskforce@fccpc.gov.ng
- Regulation 27
- Penalties up to ₦50 million for a natural person and up to ₦100 million or 1% of turnover for a company
This is a summary for information, not legal advice; the published regulations govern.
Steps to get the excess back
- Request a statement from the lender through the app or by email. Under Regulation 21(b) it should arrive within 24 hours.
- Write a refund demand. State the agreement terms, the debits, the excess and the account to refund into. Attach your statement and screenshots of the agreement.
- Wait 48 hours. Regulation 22(d) sets 24 hours, at most 48 hours, to resolve complaints.
- Escalate to the FCCPC at lenderstaskforce@fccpc.gov.ng with your evidence, or through complaints.fccpc.gov.ng.
- If the debit came from your bank card or account, also tell your bank in writing and ask about disputing the excess. If the lender is a CBN-licensed bank or microfinance bank, the CBN complaints route also applies.
- Stop further over-debits by asking your bank about removing a saved card mandate once the loan is fully repaid, and by removing the card in the app.
If the lender harasses you while you dispute
Disputing an overcharge does not give a lender the right to shame or threaten you. In its September 2025 release on the regulations, the FCCPC said "no consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending" and named abusive recovery tactics as a target. Schedule 1 of the regulations also asks lenders to confirm their apps do not access call logs, contacts or photos. Keep screenshots of any abusive messages and include them in your FCCPC complaint.
A short refund demand
"My loan of ₦50,000 taken on [date] had a repayment of ₦57,500 under the agreement (screenshot attached). You debited ₦63,000 on [dates] (statement attached). Please refund the excess of ₦5,500 to [account] and send my updated statement. Under Regulation 22(d) of the FCCPC's 2025 regulations, I expect a resolution within 48 hours." Adjust the figures to your own case; these are from the example above.
Check the register
The FCCPC publishes a register of digital lenders it has approved. Before relying on any lender's claims, check whether it appears on the current list: the FCCPC's notice on registration links to the register at fccpc.gov.ng. We have not listed lenders here because the register changes.
Where Pryme fits
Loans on Spaces are lent by Solid Allianze Microfinance Bank, and can be spent only with merchants in Spaces. Any limit is offered based on how your account is run, and the full agreement (amount, cost and repayment date) is shown before you accept; nothing is drawn until you do. See Loans on Spaces. Related reading: staying safe with Loans on Spaces and fake loan app warning signs.
Questions people ask
A loan app took more money than I owe, what can I do?
Get your agreement and statement, calculate the excess, and demand a refund in writing. If unresolved within 48 hours, complain to the FCCPC at lenderstaskforce@fccpc.gov.ng.
How long does a loan app have to answer my complaint?
Regulation 22(d) of the FCCPC's 2025 digital lending regulations says complaints should be resolved within 24 hours, at most 48 hours.
Can a loan app change the interest after I borrowed?
Under Regulation 18, only if the contract expressly allows it.
How do I know if a loan app is approved by FCCPC?
Check the FCCPC's register of approved digital lenders on its website, as it changes over time.
Sources
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (PDF) · accessed Oct 2026
- FCCPC: FCCPC resumes digital lending regulation (20 Jul 2026) · accessed Oct 2026
- FCCPC: Digital lending: FCCPC tackles abuses, issues landmark regulations (3 Sep 2025) · accessed Oct 2026
- FCCPC: Status of registration of digital lending companies (notice linking the register) · accessed Oct 2026
- CBN: How to Lodge a Complaint (CPD/GEN/GUIDE/03, January 2022) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.