FG to publish list of illegal loan apps, delists harassing lenders

The Federal Government, in collaboration with the Federal Competition and Consumer Protection Commission (FCCPC), is set to unveil a comprehensive list of illegal digital loan apps operating in Nigeria. These unregistered money lenders have come under the strict surveillance of the commission, and necessary action will be taken against them.

According to Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of the FCCPC, digital money lenders who have failed or refused to register under the commission’s guidelines will also be placed on the watchlist for close monitoring and appropriate measures.

The list of these unregistered digital money lenders will be publicly available on the commission’s website to protect consumers from falling victim to illegal and prohibited lending and recovery practices. The FCCPC urged Nigerians to exercise caution and discretion while selecting digital money lenders, recommending that they only engage with lenders approved by the commission.

Additionally, the FCCPC has permanently delisted two registered digital money lenders, Sycamore Integrated Solutions Limited and Purple Credit Limited, along with their respective apps, ‘Getloan’ and ‘Camelloan.’ This decision came after a thorough investigation revealed duplicity and engagement in illegal and unregulated practices, including the use of APK to attract borrowers.

As part of its commitment to safeguarding consumers, the commission has approved approximately 180 loan apps to operate in Nigeria, ensuring that only businesses adhering to the regulatory framework are allowed to conduct legal operations in the country.