Last week, the Federal Competition and Consumer Protection Commission (FCCPC) revealed some approved digital money lenders (DMLs), that are using the backdoor to continue their illegal practices.
The firms are Sycamore Integrated Solutions Limited and Purple Credit Limited, according to the Commission.
The FCCPC claimed to have strong proof that these lenders, who are affiliated with businesses that the Commission has recognized and have apps available on the Google Play Store, are using other sites to entice potential consumers and continue their unlawful activities of defaming their clients.
The FCCPC claimed that during the previous few weeks, it has also noted a rise in the use of illegal loan recovery techniques and tactics, which spurred its investigations.
However, Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, co-founders of Sycamore Integrated Solutions Limited, reached out to Techeconomy to share their stories and clear the air on the allegations.
TE: Can you give us the background of the situation?
Tunde Akin-Moses: Sycamore was approved as a digital lender last year when it also appeared on the Play Store. We were told by the Federal Competition and Consumer Protection Commission (FCCPC) that we needed to be approved before we began operation, and we did that. We were also the first lending platform in Nigeria to get that approval.
Last week, we were wrongly accused after reports of harassment and the use of illegal recovery tactics. The FCCPC had concluded that the app was owned by us and instructed Google to take down our app. We have come out to say that we do not know this app. We are not the owners of this app. We are an approved and regulated moneylender, and we have never harassed anybody.
We are already working with the FCCPC to make them understand that we have been impersonated by another platform.
TE: Have you been able to get through to the other loan company?
Tunde Akin-Moses: We are still, we still doing an internal investigation. To find out who the owners are. The ownership looks dodgy because there is more than one address in the company’s profile. We don’t want to state that name publicly yet even if there has been an independent investigation.
We do not want to conclude yet because the investigation is still on and the ownership of the app needs to be clarified. It appears to be a copycat.
TE: Have you been able to reach the FCCPC?
Tunde Akin-Moses: Yes. We have reached out to the FCCPC. They saw the evidence we presented. I would say they were amazed that we could see what we did and how much we could discover within such little time.
It appears that maybe there was a mix-up in their investigation and this is simply a case of mistaken identity.
TE: How badly has this affected operations at Sycamore?
Tunde Akin-Moses: We have been receiving numerous calls from our customers and investors. We have been live on radio and television since this news broke. Luckily, we have been able to utilize our PR to minimize the adverse effects of the situation.
However, a lot of people are quite concerned. We render financial services and it is understandable to receive lots of engagements from customers during situations like this.
TE: As the Marketing Manager, kindly tell us what Sycamore is about
Mojisola Fagbohunlu: Sycamore was established in 2018, according to the Corporate Affairs Commission. We are a certified and approved money lender. What we do is lend and borrow from individuals and small businesses. We have our application on the App Store and Play Store.
TE: How does Sycamore ascertain customers’ creditworthiness?
Mojisola Fagbohunlu: We don’t do quick loans like other borrowing platforms. We currently give between One hundred thousand to Five million in loans. However, the user has to be a salary earner to access the facility. We have our processes for checks before we can grant loans to users. This way, we can ensure that we are not arresting anyone.
TE: Thank you for your time.
Mojisola Fagbohunlu: Alright. Thank you.
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