The Federal Government through its agency, Federal Competition and Consumer Protection Commission (FCCPC), has concluded moves at regulating the activities of lending apps in Nigeria, IgbereTV reports
Loan apps in the country have been operating without regulation or guidelines for years, with some reportedly operating without license, a situation that has pitched them against FCCPC.
According to a report by NAN, during the World Consumer Rights Day in Abuja on Tuesday, the head of FCCPC, Babatunde Irukera, said activities of the digital money lenders would now fall under regulatory control.
Irukera’s statement follows FCCPC’s raid on Soko Loan and its other sister-apps, Fast Money, Go Cash, Okash, Kash Kash, Speedy Choice and Easy Moni on Saturday, which led to closure and seizure of laptops and phones.
Already, Google and Apple have been directed by FCCPC to delist some of the loan apps, as the agency begins an inter-agency collaboration with NITDA and ICPC to investigate the digital money lenders
