Nigeria Has Over 70 Online Lending Platforms – FCCPC Speaks

The federal government of Nigeria has stated that there are about 70-90 loan application platforms currently operating in the country.

Babatunde Irukera, the Executive Vice Chairman, Federal Competition & Consumer Protection Commission (FCCPC), said this in Lagos on Thursday during a discussion with the media on how to review and analyse the state of the market.

He said that some were legitimate while others were not.

“Not all the online loan applications are illegal. Some are completely illegitimate; some are legitimate but illegitimate in their approach to tracking debtors. We are against the illegitimate works. “

He urged companies to be responsible and responsive to customer care services, adding that that the government is more accessible and easier to find than private companies.

Irukera said, “Government for all its inefficiencies is more accessible, easier to find than private individuals who just sell to make a profit.

“Industry must prioritise responsiveness and responsibility to their customers. Customers responsiveness is a core to business and FCCPC owes this as a responsibility.

“What we intend to achieve is to educate people of their rights.

“Challenge in the telecommunication is transparency in billing. With data, it is difficult to see transparency in data billing, transparency is better with voice calls than with data.”