The Federal Government through the Federal Competition and Consumer Protection Commission has said it will release a list of illegal (unregistered) digital loan apps operating in Nigeria.
It also said it would delist two legal (registered) loan apps from Google Play Store for harassing Nigerians.
According to the FCCPC, it had added digital money lenders that had refused or failed to register under its guidelines on its watchlist for strict surveillance and necessary action.
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In a statement signed by the Executive Vice Chairman and Chief Executive Officer, Babatunde Irukera, the FCCPC 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.
It noted that the firms had also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.
About 180 loan apps have been registered (partially or fully) and approved, by the FCCPC, to operate in Nigeria.
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