The Federal Competition and Consumer Protection Commission, FCCPC, has said, it will publish list of unregistered digital loan apps currently operating in Nigeria.
FCCPC also noted that, it would delist two registered loan apps from Google Play Store for neglecting guidelines given to them by the commission.
In a statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, issued on Thursday, 20th July, states that digital money lenders that had refused or failed to register under its guidelines on its watchlist for strict surveillance will be delisted.
“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 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 commission advised users of money loan apps to use money lenders apps recommended by them to avoid being a victim to prohibited recovery practice.
FCCPC also noted that it has permanently delisted, Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’
Adding that the decision was made after investigations.
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.”
