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Illegal (Unregistered) loan apps operating in Nigeria will be made public and deleted.
The Federal Competition and Consumer Protection Commission (FCCPC) gave this hint in a statement released on Friday.
Moreso, the commission vows to delist two legal (registered) loan apps from the Google Play Store for harassing Nigerians.
According to the FCCPC, digital money lenders that have failed or refused to register under its guidelines will be placed on its watchlist for strict surveillance and necessary action.
The list of these unregistered digital money lenders will be made available on the commission's website.
Signed by the Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera in the statement emphasized the commission's commitment to scrutinizing listed digital money lenders and updating the list periodically.
The aim is to ensure that only businesses that comply fully with the regulatory framework are allowed to operate legally in Nigeria.
The FCCPC advised Nigerians to exercise caution when selecting digital money lenders and recommended that consumers only patronize digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.
Regarding the permanently delisted digital lenders, the FCCPC identified them as Sycamore Integrated Solutions Limited and Orange Loan, along with their respective apps 'Getloan' and 'Camelloan.'
The commission made this decision after conducting investigations into the apps.
It was discovered that these otherwise legally registered digital money lenders engaged in duplicity and used APKs to attract borrowers, which is an illegal and unregulated practice.
Currently, about 180 loan apps have been registered (partially or fully) and approved by the FCCPC to operate in Nigeria.
The commission remains committed to ensuring that the digital lending sector operates within the bounds of the law and protects Nigerian consumers from predatory practices.
