Federal Competition & Consumer Protection Commission (FCCPC) has permanently delisted three digital loan Apps belonging to Orange Loan Limited, Purple Credit Limited and another company which are licensed as approved Digital Mobile Lenders (“DMLs”) in Nigeria. According to the Commission, the deleted loan Apps were found guilty of malpractices relating to invasion of customer’s privacy and bad recovery practices.
Also, the FCCPC said it has asked Google to permanently delete the three DMLs from its PlayStore.
The FCCPC maintains that the revocation and sanction imposed on the culpable loan providers are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators which may be discovered by the Commission. “In addition, all the information and evidence available with respect to these businesses will be transferred to law enforcement agencies and or any other relevant regulator(s)”, the FCCPC’s statement partly reads.
Recently, the FCCPC announced its resumption of registration of digital loan providers as part of its mandate to protect consumers of loan services from invasive and unfair recovery practices of the loan sharks. This announcement came after the Commission halted the registration process in order to determine which DMLs have complied with its set deadline for registration.
Digital loan companies in Nigeria are now required to register with the FCCPC in order to be able to do business smoothly, integrate or connect their loan platforms to a payment company or host their App on Google Playstore in Nigeria. Without the FCCPC registration, a digital loan company will be non-compliant and may not enjoy cooperation from payment companies, Google, Facebook, etc. PLEASE CLICK THE LINK BELOW TO READ ABOUT REGISTRATION WITH FCCPC IN NIGERIA:
YOU CAN ALSO READ BELOW HOW TO SET UP A DIGITAL LOAN COMPANY IN NIGERIA:
