So far, the Federal Competition and Consumer Protection Commission (FCCPC) has registered and approved around 180 loan apps for operation in the country.
However, it has also vowed to crack down on illegal (unregistered) digital loan apps that are operating without authorization.
According to a statement released on Thursday, the FCCPC stated that it will release a comprehensive list of illegal digital loan apps that are operating in Nigeria.
The commission is taking strict measures to ensure that only registered and compliant digital money lenders are allowed to conduct business legally.
The FCCPC has also taken action against two legally registered loan apps that have been harassing Nigerians.
As a result, ‘Getloan’ and ‘Camelloan,’ operated by Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited respectively, will be permanently delisted from the Google Play Store.
The decision came after the commission conducted a thorough investigation into these apps and discovered duplicity, as well as their engagement in illegal and unregulated lending and recovery practices.
Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of FCCPC, emphasized the importance of consumer protection in the digital lending sector.
He warned Nigerians to exercise caution when selecting digital money lenders and urged them to patronize only those listed on the commission’s approved list. This measure aims to safeguard consumers from falling victim to illegal and prohibited lending practices.
The FCCPC further revealed that it has placed digital money lenders that failed to register under its guidelines on its watchlist for strict surveillance and necessary action. The list of these non-compliant lenders will be made available on the commission’s website and will be periodically updated.
As the digital lending industry continues to grow in Nigeria, the FCCPC’s actions serve as a vital step toward establishing a regulated and consumer-friendly environment.
By weeding out illegal and non-compliant operators, the commission aims to protect Nigerians from exploitative lending practices and ensure that only trustworthy and compliant loan apps operate in the country
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