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The Federal Competition and Consumer Protection Commission (FCCPC) has recently removed the list of all approved loan apps, known as Digital Money Lenders (DMLs), from its website. The Commission stated that the list, comprising names of over 180 registered loan apps in the country, is undergoing a ‘clean-up’ process and will be made available again as soon as possible.
The decision to review and clean up the list may have been prompted by a recent report by Nairametrics, which revealed that some of the registered digital lenders were engaging in defamatory practices and harassment of their customers. The FCCPC took the report seriously and launched an investigation to confirm its authenticity.
Regulating online lenders presents certain challenges, as highlighted by Mr. Babatunde Irukera, the Chief Executive Officer of FCCPC. The internet-based operations of these companies make it difficult to have complete regulatory control. However, the FCCPC is committed to ensuring that ethical businesses operate within the regulatory framework, while taking strict action against those engaging in illegal and abusive conduct.
Mr. Irukera emphasized that the process of tracking and holding businesses accountable on the internet is a global challenge faced by regulators and law enforcers worldwide. Nigeria is no exception, and the FCCPC is continually learning and adapting its approach to regulate internet-based businesses effectively.
The FCCPC’s efforts to regulate digital lenders are part of a broader global trend, with many countries and platforms, including Google, drawing insights from Nigeria’s successful initiatives. The ultimate goal is to create a fair and safe financial environment for consumers, where businesses operate with integrity and accountability.
In conclusion, the FCCPC’s review and clean-up of the approved loan apps list demonstrate its dedication to protecting consumers and ensuring responsible business practices in the digital lending space.
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