FCCPC calls on Google and Apple Stores to remove illegal lending apps


Advertising

The Federal Competition and Consumer Protection Commission said it has contacted digital distributors of mobile apps, Google Play Store and Apple Stores to crack down on illegal lending apps on its platforms.

The moving, Naija News includes was made following outcry over policy abuses and human rights abuses by some online money lenders.

It is observed that most of the relevant loan companies have emerged during the coronavirus lockdown.

They offer loans to vulnerable Nigerians without collecting collateral.

However, their methods of recovering funds from defaulters were seen as suicidal and embarrassing, as well as a violation of financial policies.

Speaking at a press conference yesterday in Abuja, FCCPC Executive Vice President, Mr. Babatunde Irukera, said the commission had frozen no less than 30 bank accounts run by illegal lenders.

Irukera further explained that Google and Apple Stores have been made aware of the situation and have been asked to immediately remove some loan requests from their stores, noting that certain processes were required for this to happen.

He also said the commission is currently hiring three major loan companies whose businesses were affected by his raid.

Irukera said:On the day we raided, we have some limited information about the bank accounts some of the loan companies were operating. All bank accounts that were provided were immediately blocked, but these companies operate multiple bank accounts with multiple names.

“Between the time we attacked and now we discovered 30 additional accounts and all of them have been frozen and we will continue to freeze them as we discover them.”

“I am certain that with the actions we have taken and the nature of the engagement we have with loan companies, at least three of the main ones that their businesses have been seriously affected by our research or the closure of their account . to modify “noted Irukera.

The FCCPC Chairman said that while the processes will take some time, he can assure that the space will change soon.

Irukera called for an improved partnership with the media to educate members of the public on their consumer rights in order to achieve the commission’s goals.

Advertising

Previous Overview of the Global Commercial Lending Market to 2030
Next Help my friend Promisecuos get a loan from 40 Loan Apps “Man Cries Out