THE Federal Government through the Federal Competition and Consumer Protection Commission has said it will release a list of illegal (unregistered) digital loan apps operating in Nigeria.
It also said it would delist two legal (registered) loan apps from Google Play Store for harassing Nigerians.
According to the FCCPC on Thursday, it had added digital money lenders that had refused or failed to register under its guidelines on its watchlist for strict surveillance and necessary action.
In a statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, the FCCPC said, “The commission has also placed digital money lenders that have refused or failed to register under the guidelines on its watchlist for strict surveillance and necessary action.
“The list of those digital money lenders will be made available on the commission’s website.
“The Commission will continue to scrutinise listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.”
It advised Nigerians to exercise restraint and discretion in selecting digital money lenders and specifically, recommended that consumers only patronise digital lenders on its approved list to avoid falling victim to illegal and prohibited lending and recovery practices.