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Nigerian Agency, FCCPC Threatens To Shut Down Loan Apps, Online Banks Harassing Nigerians

At the operating room after my CS. I started bleeding internally and was giving 6 pints of blood before been rushed to the operating room at midnight for another surgery to save my life.   The doctors and facilities available contributed to saving my life.   It made me think … what if such a situation had happened to me in Nigeria? Would I have suffered the unfortunate mortality as many birthing mothers do due to lack of medical personnel or necessary facilities required at short notice?   While thanking Go
July 11, 2023

 

The Nigeria Federal Competition and Consumer Protection Commission (FCCPC) has warned that it would remove any digital lenders harassing and slandering customers.

FCCPC, which gave the warning in response to several complaints it received from victims of digital loan application platforms, said it will ask Google to permanently delete such apps from its app store.

The FCCPC Chief Executive Officer, Babatunde Irukera, who disclosed this while featuring on an Arise TV programme, said that the newest measure was being implemented by the Nigerian government to protect Nigerians from the activities of these digital lenders.

It should be recalled that FCCPC had earlier in the year made it mandatory for loan apps to register with it.

So far, 180 apps had got full or conditional approval from the commission to operate in the country.

Also, according to Google’s recent announcement, it was stated that no loan app would be allowed on its app store without regulatory approval.

In April, Google announced that loan apps on Play Store would lose their ability to access users’ contacts or photos from May 31, 2023.

Irukera, however, said the commission was ready to permanently shut down the activities of these apps henceforth.