….As FCCPC Puts 55 Operators Under Watch
Statistical data from the Federal Competition and Consumer Protection Commission (FCCPC) showed that the number of companies with full approval to operate as digital money lenders (DMLs), also known as loan apps, in the country had increased to 161 as at the end of August this year.
According to the latest approval list published by the Commission, seven new companies secured full approval between August 4 this year when the list of 154 approved digital lenders and now while 55 DMLs were now under its watch.
In addition, apart from the 161 companies that had been given the legal nod to operate in the country, the Commission’s database also indicated that 40 others had secured ‘Conditional Approval’ and now in the process of securing their full approval.
The commission listed the 55 loan apps suspected to be engaging in unethical practices and had now been placed under its watch as including Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App, Moneytreefinance Made Easy App, Cashme App, Secucash App, Creditbox App, and Cashmama App.
Others are Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, and Getloan.
As part of its efforts to curb illegal acts of the DMLs amid growing complaints by members of the public over allegations of rights violations and other unfair practices,, the FCCPC had last year introduced the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022, in collaboration with the Joint Task Force (JTF), to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
Commenting recently on efforts by the commission to address the challenges being created by illegal operators in the country, the Chief Executive Officer of the FCCPC, Mr. Babatunde Irukera, pointed out that what Nigeria was witnessing in respect of the operation of digital lenders remained a global challenge.
He said: “Our concern is similar to global challenges with respect to digital lending. Technology is an incredible tool and platform for expansion and shared prosperity, however, it is sadly also a potential tool for exploiting and impoverishing people.
“We are now certain that those who are willing to do business ethically have come within the Framework, while those determined to engage in illegal and abusive conduct find other means”, Irukera assured.
