The Federal Government through the Federal Competition and Consumer Protection Commission has finally banned Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps – “Getloan” and “Camelloan”.
In addition, the Commission 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 Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.
This was made known in a statement made available to IGBERE TV by Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer.
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 as the Commission discovers them. In addition, all the information and evidence available with respect to these businesses will be transferred to law enforcement agencies and or any other relevant regulator(s).
The Commission has also placed DMLs that have refused or failed to register under the Guidelines on its watchlist for strict surveillance and necessary action. The list of those DMLs 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.
As such, the Commission again advises consumers to exercise restraint and discretion in selecting DMLs, and specifically recommends that consumers patronise only DMLs on the Commission’s approved list to diminish, if not eliminate being victims of illegal and prohibited lending and recovery practices.
The Commission further advises consumers to consider only DMLs whose apps can be downloaded from Google’s Playstore, as only those have been subjected to regulatory scrutiny, and the technology associated with their apps precluded from accessing and downloading private information of consumers. All other DMLs are operating illegally.
The Commission and the JRETF continue assiduous efforts to track illegal operators using APK and other means to engage, and interact with consumers, and welcome credible evidence from the public.
