“Federal Government Cracks Down on Illegal Loan Apps, Delists Sycamore, Orange, and Purple Credit”

The Federal Government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has taken significant steps to curb the activities of illegal digital loan apps operating within the country. In an effort to protect consumers from fraudulent practices, the government has announced its plans to release a comprehensive list of unregistered digital money lenders.

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Additionally, the FCCPC has made it clear that it will delist two legally registered loan apps from the Google Play Store for reportedly harassing Nigerian users. This move demonstrates the government’s commitment to maintaining a fair and secure lending environment for its citizens.

The FCCPC has added digital money lenders that have either refused or failed to register under its guidelines to its watchlist for strict surveillance and necessary action. The list of unregistered lenders will be made available on the commission’s website, and it will be periodically updated to ensure compliance with the regulatory framework.

To safeguard consumers from falling victim to illegal lending and recovery practices, the FCCPC urges Nigerians to exercise restraint and discretion when choosing digital money lenders. The commission specifically recommends that consumers only patronize lenders listed on its approved list.

In a significant development, the FCCPC has permanently delisted Sycamore Integrated Solutions Limited, Orange Loan, and Purple Credit Limited, along with their respective apps – ‘Getloan’ and ‘Camelloan’. This decision came after the commission’s thorough investigation into these apps.

The FCCPC discovered that at least two legally registered digital money lenders engaged in duplicity and used APK to attract borrowers, a process and practice that is illegal and unregulated.

Currently, about 180 loan apps have been partially or fully registered and approved by the FCCPC to operate in Nigeria. The government’s actions reflect its dedication to fostering a secure and transparent lending ecosystem for Nigerian consumers.

With its vow of further clampdowns on illegal loan apps and continued surveillance, the Federal Government aims to protect the interests of its citizens and ensure a fair and reliable digital lending environment throughout the country.