FCCPC bans Getloan, Camelloan over illegal activities; sets deadline for other loan apps

The Federal Competition and Consumer Protection Commission (FCCPC) has de-listed two Digital Money Lenders (DMLs) for illegal, prohibited and unregulated activities.

The Executive Vice Chairman of FCCPC, Mr Babatunde Irukera said in a statement on the Commission’s official Twitter handle on Friday, that it had also set deadline for all DMLs to comply with its regulations.

Irukera said the two delisted DMLs engaged in deception to attract borrowers.

”The Commission notes a resurgence in the occurrence of prohibited loan recovery methods and practices in the past weeks.

”The Commission has now permanently delisted Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps “Getloan” and “Camelloan”.

”FCCPC has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to the companies.

”The Commission reiterates that this revocation and action are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators,” he said.

Irukera said the commission would forward all information and evidences with respect to the two companies activities to law enforcement agencies and other regulators for appropriate action.

He therefore warned consumers against dealing with the two de-listed loan companies.

The executive vice chairman said that the commission had with the approval of the Joint Regulatory and Enforcement Task Force, established the Limited Interim Regulatory and Registration Framework and Guidelines for Digital Lending.

He said the guidelines has given Nov. 14 deadline for all DMLs in business and on Google Playstore to comply with the guidelines or risk removal from Playstore.

Irukera assured Nigerians that the FCCPC would continue to scrutinise all listed DMLs and periodically update the list on its website, to ensure that only businesses that consistently and completely comply with the regulations were allowed to do business.

He advised consumers to patronise only DMLs on the commission’s approved list.