Mohammed Shosanya
The federal government will release a list of illegal (unregistered) digital loan apps operating in Nigeria.
The government disclosed this through the Federal Competition and Consumer Protection Commission (FCCPC).
It also said it would delist two illegal loan apps from Google Play Store for harassing Nigerians.
The agency said the digital money lenders that had refused or failed to register under its guidelines on its watchlist for strict surveillance and necessary action would be sactioned.
A statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, the FCCPC 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.”
It advised Nigerians to exercise restraint and discretion in selecting digital money lenders and specifically, recommended that consumers only patronise digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.
Speaking on the permanently delisted digital lenders, the FCCPC listed them as Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’
It stated that it came to the decision after investigating the apps.
The commission 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.”
