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The Nigerian government said it is delisting two loan apps, ‘Getloan’ and ‘Camelloan’ from operating in the country even as it announced plans for aggressive nationwide clampdown on unapproved or unregistered loan apps.
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Federal Competition and Consumer Protection Commission (FCCPC) in an official statement by its Executive Vice Chairman/CEO, Babatunde Irukera, said it will be releasing a full list of unregistered or illegal Digital Money Lenders (DMLs) in the country on its website.
Although, ‘Getloan’ and ‘Camelloan’ were registered with the commission, Irukera said the loan apps will be delisted from Google Play Store “for harassing Nigerians,” and ignoring the country’s statutory provisions on consumers rights and data privacy.
“In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list,” said Irukera.
Adding that the digital lenders were Sycamore Integrated Solutions Limited; Orange Loan, operators of ‘Getloan’ and ‘Camelloan’ by Purple Credit Limited,
According to Irukera, “The commission has also placed digital money lenders that have refused or failed to register under the guidelines on its watchlist for strict surveillance and necessary action.”
Adding: “The list of those digital money lenders will be made available on the commission’s website.
“The Commission will continue to scrutinise listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.”
The commission cautioned that consumers should only patronise digital money lenders on its approved list in order not to become victims of “illegal and prohibited lending and recovery practices.”
