FG To Delist Two Loan Apps For Harassing Nigerians 

The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has disclosed plans to permanently delist two loan applications from the Google Play Store for harassing Nigerians.

Naija News reports that the FCCPC also revealed that it will soon release a complete list of illegal (unregistered) digital loan apps operating in Nigeria.

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

The commission, in a statement signed by its Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, noted that from now on, the clampdown on unregistered loan apps would.be intensified.

Be 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.”

He mentioned some delisted loan apps, including Sycamore Integrated Solutions Limited, Orange Loan, and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’

He, therefore, cautioned Nigerians to be careful in selecting digital money lenders, adding that once their list is out, it will serve as a form of guidance.

“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,” the commission added.