The Federal Government (FG) through the Federal Competition and Consumer Protection Commission (FCCPC) has delisted 2 more loan apps from Google Play Store for harassing Nigerians. This was made known on Thursday in a statement signed by Babatunde Irukera, the Executive Vice Chairman, FCCPC, stating that it had updated its list of digital money lenders that failed or refused to register with the Commission.
He said, “The Commission has also placed Digital Money Lenders (DMLs) that have refused or failed to register under the guidelines on its watch list 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 scrutinize 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.”
FCCPC stated that the permanently delisted DMLs are Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, with their respective apps- Getloan and Camelloan.
According to FCCPC, “In the course of the Commission’s continuing investigation and tracking of these illegally operating DMLs, the Commission has discovered duplicity by at least 2 otherwise legally registered DMLs on the Commission’s approval list.”
The Commission advised Nigerians to only patronize DMLs on its approved list to avoid falling victim to loan companies practicing illegal and prohibited lending and recovery procedures.
