The Federal Government has revealed that it will be deleting some loan apps in Nigeria, News About Nigeria reports.
The government said it is doing so because some of the digital loan apps are unregistered.
Some are operating illegally in the country.
The Federal Competition and Consumer Protection Commission (FCCPC) raised the alarm on Friday.
Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of the FCCPC, announced that two legally registered loan apps will be removed from the Google Play Store.
He said even if the apps are legal, they have been harassing Nigerians. The government said it will soon publish a roster of these money-lending apps that have refused to register according to its guidelines.
The FCCPC also said appropriate action will be taken against them. The names of these non-compliant lenders will be made available on the commission’s website for public awareness.
The commission said only businesses that fully adhere to the regulatory framework can legally operate in Nigeria.
The list of approved digital money lenders will be regularly updated to ensure compliance.
The FCCPC warned Nigerians to exercise caution and make informed choices when selecting digital money lenders.
It specifically advised consumers to patronize only those lenders listed on its approved roster to avoid falling prey to illegal and prohibited lending and recovery practices.
Regarding the permanently delisted digital lenders, the FCCPC named them Sycamore Integrated Solutions Limited and Orange Loan, as well as Purple Credit Limited, along with their respective apps, ‘Getloan’ and ‘Camelloan.’
The decision to delist them came after the commission conducted a thorough investigation into the matter.
During their investigation into the operation of these illegally operating digital money lenders, the commission found two lenders who were on the approved list but still did illegal things.
