Real reasons why FCCPC delisted two digital money lenders in Nigeria

By Chioma Obinagwam

Nigeria’s agency charged with the mandate of protecting and promoting the interest and welfare of consumers, Federal Competition and Consumer Protection Commission (FCCPC) has outlined reasons why it delisted two Digital Money Lender (DMLs) in Nigeria on Google Play store.

Confiance News gathered from a statement posted on the official Twitter handle of the Commission on Friday.

FCCPC Executive Vice Chairman of FCCPC, Mr Babatunde Irukera disclosed that the DMLs were delisted for illegal, prohibited and unregulated activities.

The affected DMLs are Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps “Getloan” and “Camelloan”

Irukera said: “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.”