FG to ban illegal online loan givers in Nigeria

By Samuel Ogunsona

The Nigerian Federal authority is set to ban the operations of illegal online loan givers.

Hundreds of such lenders operate online but associated with unethical practices associated with bullying and cyber terrorism in attempts to retrieve loans given to millions of poor Nigerians

Throgh the Federal Competition and Consumer Protection Commission (FCCPC) the Nigerian Government has declared war on illegal digital loan apps operating in Nigeria.

The Federal Government through the FCCPC has listed digital loan apps that have failed to register legally under its guidelines on its watchlist for strict surveillance and necessary monitoring.

FCCPC on Thursday through it Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, 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 commission said about 180 loan apps in Nigeria have been registered (partially or fully) with them for proper monitoring.

“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.”

However, some of the delisted digital loan apps by FCCPC includes Sucamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited alongside “Getloan” and “Camelloan” app which was promised to also remove them from Google Play store for harassing Nigerians.

The Commission said, “In bthe 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.”

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