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
If a loan you never took shows against your BVN, act in this order: write to the lender disputing the loan and asking for its records, tell your bank, dispute the entry with the credit bureaus, report to the police, and complain to the FCCPC (for a loan app) and the Nigeria Data Protection Commission. Do not pay the debt to make the calls stop. Then lock down the phone number, email and accounts linked to your BVN so no further loans can be taken.
How this happens
Your BVN on its own cannot open a loan; a fraudster needs enough of your details to pass the lender's checks. That usually means some combination of your BVN, a phone number or SIM linked to it, your name and date of birth, a photo or selfie, and a bank account to receive the money. Leaked ID copies, a stolen or swapped SIM, a phone with saved passwords, or someone close to you with access to your documents are common routes. Read Is it safe to share your BVN? for what a BVN can and cannot do.
The first sign is often a call or message from a collector, an unexpected debit, or a loan appearing on a credit report. Our guide on a loan you never took on your credit report covers the bureau side in more detail.
What to do first, in order
- Write to the lender. Say clearly that you did not apply for or receive the loan, and ask for the application date, the phone number and email used, the account the money was paid into, and any selfie or ID submitted. Ask it to suspend collection while it investigates. For digital lenders, the FCCPC's 2025 regulations require complaints to be resolved within 24 hours, or 48 hours where impracticable (Regulation 22(d)).
- Tell your bank. If the money landed in an account in your name, the account itself may be fraudulent or compromised. Ask your bank to check for accounts or cards you did not open, and to block anything suspicious.
- Dispute the entry with the credit bureaus. Request your reports and file a dispute for each fraudulent account, attaching your letter to the lender. See how to dispute a credit report error.
- Report to the police. Get a written extract or report number; lenders and bureaus often ask for one.
- Complain to the FCCPC if a loan app is involved, at lenderstaskforce@fccpc.gov.ng (Regulation 26(2)), and check whether the app is on the FCCPC approvals register.
- Complain to the Nigeria Data Protection Commission about the misuse of your personal data, especially if the lender cannot explain how your identity was verified. See reporting a loan app to the NDPC.
Stopping further loans
- Call your network provider if your SIM stopped working unexpectedly; a SIM swap is a common route. Ask it to secure the line.
- Change passwords on your email and banking apps, and switch on app-based two-factor authentication where offered.
- Check which phone number and email are linked to your BVN at your bank, and update them if they are not yours.
- Review your bank accounts for unfamiliar standing instructions or card links.
- Keep copies of your ID documents to yourself. When you must share one, write the purpose and date across the copy.
- Get your credit reports again after a month to see whether new applications appear. See free credit reports.
What the lender should do
A lender that receives a credible fraud claim should stop collecting while it investigates, review the identity evidence it accepted, and, if the loan was fraudulent, close it in your name and correct what it has reported to the bureaus. Digital lenders must also comply with the Nigeria Data Protection Act 2023 (Regulation 21(a) of the FCCPC 2025 regulations) and safeguard consumer data (Regulation 20(a)). You can also ask for a statement of the account, which Regulation 21(b) says must be supplied within 24 hours. The FCCPC resumed implementing these regulations on 20 July 2026.
Worked example: what to put in your dispute
Example only. A collector says you owe ₦68,000 on a ₦50,000 loan from 3 March. Your letter should state that you did not apply for a ₦50,000 loan on 3 March, that no ₦50,000 credit appears in your accounts (attach statements for that week), and that the phone number on the application is not yours. Ask the lender to explain the ₦18,000 difference between the ₦50,000 principal and the ₦68,000 claimed, and to withdraw the whole claim if it cannot show you applied.
If collectors keep calling
Send each one your dispute letter and police report number, and keep a log of calls and messages. Threats and contacting your family are not acceptable whether or not the debt is real; see loan app harassment rights.
Keep a single folder, paper or digital, with every letter, reply, receipt and report number. Fraud disputes can take weeks, and an organised record speeds up every step.
Where Pryme fits
Pryme accounts use an authenticator app rather than SMS codes, plus a transaction PIN, which reduces the risk of a SIM swap being used to get into your Pryme account. See how Pryme protects your account.
Questions people ask
Someone used my BVN to collect a loan, what should I do?
Write to the lender disputing it, tell your bank, dispute the entry with the credit bureaus, report to the police, and complain to the FCCPC and the NDPC.
Should I pay a loan I did not take to stop the calls?
No. Paying can be treated as accepting the debt. Send the lender your dispute and police report instead.
How do I remove a fraudulent loan from my credit report?
Get your credit reports, file a dispute with each bureau showing the loan, and attach your letter to the lender and police report.
Can someone take a loan with just my BVN?
Usually they need more, such as a phone number linked to it, ID or a selfie and an account to receive money. Secure those as well.
Sources
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (made 21 July 2025) · accessed Oct 2026
- FCCPC: FCCPC resumes digital lending regulation (20 July 2026) · accessed Oct 2026
- FCCPC: Approvals of digital money lenders (register) · 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.