The Federal Government plans to publish a list of illegal (unregistered) digital loan apps operating in Nigeria.
This will be done through the Federal Competition and Consumer Protection Commission.
Additionally, it will remove two legal (registered) loan apps from Google Play Store due to harassment of Nigerians.
The FCCPC has taken strict measures to keep digital money lenders that have not registered under its guidelines. And also under close watch for surveillance and necessary action.
The Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, emphasized the commission’s commitment to addressing issues related to loan apps in Nigeria.
“The list of those digital money lenders will be made available on the commission’s website.
“The Commission will continue to scrutinise listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.”
The Federal Competition and Consumer Protection Commission (FCCPC) advised Nigerians to be cautious in selecting digital money lenders. He added that they should only patronize lenders on its approved list to avoid illegal practices.
Following investigations, the FCCPC permanently delisted Sycamore Integrated Solutions Limited and Purple Credit Limited. This included their apps ‘Getloan’ and ‘Camelloan,’ due to their involvement in illegal and unregulated activities.
Currently, around 180 loan apps have been registered and approved by the FCCPC to operate in Nigeria.
