The Federal Competition and Consumer Protection Commission (FCCPC) of the Federal Government has announced its plan to release a list of illegal digital loan apps operating in Nigeria.
Additionally, two legally registered loan apps will be delisted from the Google Play Store for harassing Nigerians.
The FCCPC has added digital money lenders that have failed to register under its guidelines to its watchlist for strict surveillance and necessary action.
The commission will periodically update the list of digital money lenders on its website to ensure compliance with regulatory frameworks.
Nigerians are advised to exercise caution and only patronize digital lenders on the approved list to avoid falling victim to illegal lending practices.
The FCCPC has permanently delisted Sycamore Integrated Solutions Limited and Orange Loan, along with their respective apps ‘Getloan’ and ‘Camelloan’, after investigating their illegal activities.
Currently, about 180 loan apps have been registered and approved by the FCCPC to operate in Nigeria.
Article updated 2 weeks ago. Content is written and modified by multiple authors.
