Follow Us on Google Discover
Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104
The Federal Competition and Consumer Protection Commission (FCCPC) has deleted the list of all approved loan apps, otherwise known as Digital Money Lenders (DMLs) from its website.
The Commission said the list, which comprises names of over 180 registered loan apps in the country was removed for ‘clean-up’. “
The list is undergoing a clean-up and will be made available as soon as possible,” the message on the FCCPC website reads.
The ongoing review or clean-up of the list may not be unconnected with the recent report by Nairametrics that some of the registered digital lenders have continued to defame and harass their customers, the same practice the registration was meant to forestall.
Other News
The FCCPC would later confirm the report through its investigation.
A snapshot of the FCCPC website as of July 31, 2023
Challenges of regulating digital lenders
Highlighting some of the challenges of regulating online lenders in a recent interview with Nairametrics, the Chief Executive Officer of FCCPC, Mr. Babatunde Irukera said the fact that the companies operate on the internet makes it very difficult to have total regulatory control.
- “Our concern is similar to global challenges concerning digital lending. Technology is an incredible tool and platform for expansion and shared prosperity; however, it is sadly also a potential tool for exploiting and impoverishing people. We are now certain that those who are willing to do business ethically have come within the Framework, while those determined to engage in illegal and abusive conduct find other means.
- “Although the potential for their businesses and patronage is severely diminished by the regulatory and enforcement framework, the internet still makes it possible for them to engage in business anyway. We are also discovering that some within the Framework are creating alternative channels outside of the Framework to do business. As we find those, we permanently, without opportunity for renewal or return remove them from the list allowed to operate.
- “The painstaking work of tracking businesses on the internet and holding them accountable is a global phenomenon and challenge that regulators and law enforcers are struggling with internationally. Nigeria is not excluded. Indeed, many, even more, developed countries and platforms including Google are borrowing from some of the efforts that have so far worked in Nigeria,” Irukera said.
He added that the experience shared by regulators from other countries shows that all regulators are facing similar challenges and are still undergoing some learnings in regulating internet-based businesses.
Follow Us on Google Discover
Deny them access to customer data – BVN / NIN verification – deny them access to the verification portal.
Deny them access to the banking services / Nigerian banks unless they get a letter of no objection from FCCPC
Release those that took loans from unauthorized loan operators from repaying that loan – it was taken from an illegal vendor ab initio – so is illegal
Cap their maximum interest rate & payback value – e.g. one can’t pay more than 200% of the loaned amount in total fees / cash paid.
Make the process of loan default resolution very clear – any customer harassment leads to the loan being forfeited and payback not required.
Don’t even give them any approval any longer cos they would keep abusing it, imagine telling people someone has HIv sleeping with a dog, posting RIP of someone that is alive. All defamatory messages to customer and they are faceless to be sued.
Remove all of them including micro finance bank. The interest is killing
No business can strive with such interest in small duration. Make almost 100% of money they borrowed you
They abuse you, curse you subject you to public disgrace and still want you to pay back the loan . I think customers should have a way of reporting them and sanction them where there is evidence of foul play within 24hrs
Some of the agents don’t care even if you threaten to report them to FCCPC
They are many companies who insist their agents must recover the loan by all means .
They are going to the extreme by taging RIP to our numbers, or they say u have HIV or say u are part of child trafficking. On top money that even they have collected the interest in multiple way. Alot need to be ban. E g NG credit also know as nutloan also known as credit box
Also we have some name long cash, credit express, mo credit, easy naira and one thing is they are from same body . They really need to be dealth with
The fccpc should please take action on this so called online landers, people’s lifes has been destroyed. Also they shouldn’t be given access to customs data and more.
Please investigate money tree. You can contact me for their APK..
Deny them access to credit bureaus. Deny them access to phone contact. Deny them access to validate account details.
Pls try and investigate both plenty cash bad lendnaira, the way they defame people is very bad……
Fiypay Pro should be shut down for defamation of character and then deny that loan app access to people’s social media platforms.
pls dis online money lenders because of one day default which interest will be charged leads to serious defaming of somebody by sending treat messages and tagging d customer different names to his or her contact list.
yes money was borrowed and anything can cause few days default which they charge daily interest on the loan but still harrassing d lender and his peaceful contacts.
pls help check dis bad menace.
thank you
I think those loan app need to be subjected to DSS radar, I m one of the victim of this loan sharks, they have send me some threatening msg that if they didn’t get their payment I will regret my action. They do all this with different phone numbers both on calls and through WhatsApp. The danger part of it is that they do download people’s contact once you try to register into their App
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134