There are about 70 to 90 online lending applications currently operated by various firms in Nigeria,according to Executive Vice Chairman, Federal Competition & Consumer Protection Commission, Babatunde Irukera,
He announced this in Lagos during recent engagement with the media,where he also said some of the online apps were legitimate while others were operating illegally.
He added:“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 implored companies to be responsible and responsive to customer care services,adding that the government is more accessible and easier to find than private individuals because individuals want to make a profit.
He 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.”
The media,he said,is a critical infrastructure in the constitution obligation of the government to protect the consumers’ interest.
Irukera further said that one of the challenges in the telecommunication sector is transparency in billing.
