Federal Competition and Consumer Protection Commission Delists Loan Apps; Vows Tougher Actions Against Unregistered Lenders

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has taken a significant step in safeguarding consumers from the adverse practices of certain digital money lenders operating in the country. The FCCPC has announced its intention to release a comprehensive list of illegal (unregistered) digital loan apps that are currently operating in Nigeria. In addition to this, the commission plans to delist two legal (registered) loan apps from the Google Play Store for their reported harassment of Nigerians.

The move comes as the FCCPC aims to regulate and monitor the digital money lending sector more effectively. The commission has expressed its commitment to ensuring that all digital money lenders comply with the required guidelines and regulations to operate legally in Nigeria.

According to Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of the FCCPC, the commission has added digital money lenders that have failed or refused to register under their guidelines to a watchlist for close surveillance and necessary action. This measure is aimed at curbing the activities of unregistered lenders and protecting consumers from potential exploitative practices.

In a statement issued by the FCCPC, it was mentioned that the list of digital money lenders operating without proper registration will be made available on the commission’s official website. This move is expected to enhance transparency and inform the public about the unscrupulous players in the digital lending space.

Furthermore, the commission stressed the importance of consumers exercising restraint and discretion when choosing digital money lenders. To ensure the safety and protection of consumers, the FCCPC strongly recommends that people only opt for digital lenders listed on its approved and regulated list. This will help consumers avoid falling victim to illegal and prohibited lending and recovery practices prevalent in the unregulated segment of the digital lending market.