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
To stop a loan app debiting your card, remove the saved card in the app if it lets you, ask your bank to block and replace the card, and ask the bank to cancel any direct debit mandate on your account. Stopping the debits does not cancel the loan: the balance, and any penalties the agreement allows, remain owed, so pair the block with a written repayment plan.
Loan apps in Nigeria usually collect repayments in one of two ways: by charging a debit card you saved when you took the loan, or through a mandate on your bank account. Both were set up with your consent at sign-up, and both can be withdrawn. What cannot be withdrawn with a button is the debt. This guide covers each route and the trade-offs.
First, work out how the app is collecting
Look at your bank alerts for the debits. A card charge usually shows the card's last four digits and a payment processor's name in the narration. A mandate debit shows as a transfer or direct debit from your account, often with a reference that mentions the lender. If you are unsure, your bank's customer service can read the narration for you.
| Collection method | What it looks like | How to stop it |
|---|---|---|
| Saved card (tokenised) | Card debit alerts, sometimes several small attempts in a day | Remove the card in the app; block or replace the card with your bank |
| Bank account mandate | Direct debit or transfer alert from your account | Ask your bank to cancel the mandate in writing |
| Debit from an account at the lending bank | Loan repayment entry on your own statement | Only by agreement with the bank, because the loan sits on that account |
Step 1: remove the card inside the app
Many apps have a cards or payment methods screen with a remove option. Some only allow removal once the loan is repaid, which is a design choice by the lender, not a law. Take a screenshot of whatever the screen shows. If removal is blocked, email the lender's support asking it to delete the stored card and stop card charges, and keep the email. Under the FCCPC's 2025 regulations, digital lenders must give you channels for complaints and resolve them within 24 hours, or tell you the timeframe, which may not exceed 48 hours (regulation 22(d)).
There is a fuller walk-through in how to remove your card from a loan app.
Step 2: block or replace the card with your bank
A stored card is a token that points at your real card. If you block the card with your bank and get a replacement with a new number, the old token stops working. This is the most reliable way to end card charges. Most banks let you block a card in their app or USSD menu and request a new one at a branch or for delivery; check your bank's own replacement fee.
- Block the card first, then request the new card, so there is no gap where the old card still works.
- Move any other subscriptions on that card (TV, streaming, school fees) to the new card.
- Keep the bank's confirmation of the block with its date and time.
Step 3: cancel a mandate on your account
If the app collects from your account rather than a card, write to your bank asking it to cancel the direct debit mandate in favour of the named lender. Give your account number, the lender's name and the date the mandate began if you know it. Ask the bank to confirm cancellation in writing. If the bank says the instruction was set up under a separate arrangement that it cannot cancel unilaterally, ask it to explain which arrangement and what clause you signed. Some loans, particularly from banks, include clauses that allow recovery from other accounts; read how the Global Standing Instruction works if you are told this.
The caveat: the debt does not go away
Blocking collection changes how you pay, not whether you owe. The lender can still:
- charge late fees or default interest if the agreement provides for them, because FCCPC regulation 18 allows variations only where the agreement expressly says so,
- report the overdue account to licensed credit bureaus, which the regulations contemplate (regulation 25(1)(c)),
- contact you to recover the debt, within the limits set out in what debt collectors can and cannot do.
Worked example
Example only. Tunde owes ₦50,000 on an app loan due on the 1st. The agreement says a late fee of 1% of the outstanding balance is charged each day after the due date. He blocks his card on the 1st and pays nothing. After 10 days the fees would be 10 × ₦500 = ₦5,000, making ₦55,000 owed. If instead he writes on the 1st proposing ₦25,000 now and ₦25,000 in two weeks, and the lender accepts, he pays ₦50,000 plus whatever the agreed plan states. Agreeing a plan in writing is what protects you, not the block on its own.
Steps in order
- Read your loan agreement for the repayment method, late charges and any clause on recovery from other accounts.
- Write to the lender stating the debits you want stopped and the repayment you can make, and keep the email.
- Remove the card in the app, or ask the lender to delete it.
- Block and replace the card with your bank.
- Ask your bank in writing to cancel any account mandate.
- If the lender keeps charging after full repayment or ignores you, complain to the FCCPC at lenderstaskforce@fccpc.gov.ng (regulation 26(2)), and check the lender is on the FCCPC register.
Where Pryme fits
Card security in Pryme sits behind a transaction PIN and an authenticator app, with no SMS codes (see security). For Loans on Spaces, the repayment date is in the agreement you accept before anything is drawn.
Questions people ask
Can I block my ATM card to stop loan app debit?
Yes. Blocking and replacing the card with your bank stops charges on the old card number. You still owe the loan, and the lender can pursue it through other lawful means.
Is it illegal to stop a loan app from debiting me?
Withdrawing consent to a card charge or mandate is not, in itself, unlawful. Failing to repay a debt you owe is a breach of contract, so make a repayment plan alongside the block.
Why does the loan app keep trying to debit my account?
Apps commonly retry a saved card several times when a repayment fails. Removing the card or blocking it ends the retries on that card.
The loan app debited me after I fully repaid. What do I do?
Ask the lender for a statement, which the FCCPC regulations say you can obtain within 24 hours of request (regulation 21(b)), and demand a refund in writing. If unresolved, complain to lenderstaskforce@fccpc.gov.ng.
Sources
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 · accessed Oct 2026
- FCCPC: Enforcement against digital lending violations (statement, 5 Feb 2024) · accessed Oct 2026
- FCCPC: Approved 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.