By Bada Abraham
The Federal Competition and Consumer Protection Commission (FCCPC) has taken action by removing more than 180 registered loan apps, also known as Digital Money Lenders (DMLs), from its official website.
According to the Leadership Newspaper, this decision was part of a process referred to as a ‘clean-up’ by the commission. The FCCPC’s website states that the updated list will be made available as soon as possible.
This action follows a statement made in July 2023 by the executive vice-chairman of the FCCPC, Babatunde Irukera, during an interview on Arise News Channel.
Irukera made a promise to delete the apps of digital lending operators who engage in defamatory and harassing behavior towards Nigerian citizens in their loan recovery efforts.
He emphasized that once a loan app is delisted due to consumer harassment, there will be no opportunity for reinstatement. He further noted that individuals genuinely in need of loans should not face unnecessary frustration or harassment during the loan application process.
Irukera stressed the FCCPC’s determination to ensure that any app found on Google that defames consumers will no longer be able to conduct legal business in Nigeria.
He condemned the use of inappropriate tactics for loan recovery due to a high default rate.
He expressed the view that individuals facing genuine financial difficulties, as well as those who consistently make loan payments, should not be subjected to the inconvenience and harassment caused by defamatory communication methods employed by certain loan apps.
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