The Federal Competition and Consumer Protection Commission (FCCPC) has said it will put out a list of illegal digital loan apps operating in Nigeria.
It also said it would expunge two legal loan apps from the Google Play Store for harassing Nigerians.
According to the FCCPC on Thursday, it had added digital money lenders that had refused or failed to register under its guidelines on its watchlist for strict surveillance and necessary action.
In a statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, the FCCPC said, “The commission has also placed digital money lenders that have refused or failed to register under the guidelines on its watchlist for strict surveillance and necessary action.
“The list of those digital money lenders will be made available on the commission’s website.
“The Commission will continue to scrutinize 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 advised Nigerians to exercise self control and carefulness in selecting digital money lenders and specifically, recommended that consumers only patronize digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.
Commenting on the permanently expunged digital lenders, the FCCPC listed them as Sycamore Integrated Solutions Limited and 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.
The commission said, “In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”
It stated that the organization had also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.
According to the FCCPC, about 180 loan apps have been registered (partially or fully) and approved to legally operate in Nigeria.
