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Nigerian govt to delist two loan apps for harassing Nigerians



Nigerian govt to delist two loan apps for harassing Nigerians

The Federal Government has said that it will delist two legal (registered) loan apps for harassing Nigerians and also release a list of illegal (unregistered) loan apps operating in the country.

The Federal Competition and Consumer Protection Commission (FCCPC) said this on Thursday, adding that 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.

The Executive Vice Chairman/Chief Executive Officer of FCCPC, Babatunde Irukera in a statement on Thursday, 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 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.”

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Irukera advised Nigerians to exercise restraint and discretion in choosing digital money lenders, recommending that consumers only patronise digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.

Speaking on digital loan apps that have been permanently delisted, the FCCPC boss listed them as Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’

Irukera 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.”

According to him, the firms had also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.

Ripples Nigeria reports that about 180 loan apps have been registered (partially or fully) and approved, by the FCCPC, to operate in Nigeria.

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