The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has declared that it will release a list of illegal and unregistered online loan apps operating in Nigeria.
The commission also said it would delist two legally registered loan apps from Google Play Store for harassing citizens of the country.
According to the FCCPC, in a statement signed by the commission’s executive vice chairman/ chief executive officer, Babatunde Irukera, on Thursday, July 20, a number of online money lenders that failed to register under its guidelines are on its watchlist for proper surveillance and necessary action.
The statement also revealled that a list of the erring digital money lenders would be 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.”
It also advised Nigerians to exercise restraint and discretion in selecting digital money lenders while specifically recommending that consumers only patronise digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.
Commenting on the permanently delisted digital lenders, the FCCPC listed them as Sycamore Integrated Solutions Limited, Orange Loan, and Purple Credit Limited, along with their respective apps — Getloan and ‘Camelloan.’
It stated that it came to this decision after investigating the apps.
About 180 loan apps have been registered (partially or fully) and approved, by the FCCPC, to operate in Nigeria.
