April 15, 2024
Nigerian Regulator Delists Two Digital Money Lenders
News Today In the News

Nigerian Regulator Delists Two Digital Money Lenders

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.

READ ALSO: Kwara Targets 2000 Jobs From Garment Factory

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.

    • 9 months ago

    […] READ ALSO: Nigerian Regulator Delists Two Digital Money Lenders […]

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video