FG Deletes All Approved Loan Apps From Database - Naija Stick

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FG Deletes All Approved Loan Apps From Database

Aug 1, 2023

FG Deletes All Approved Loan Apps From Database:Federal Competition and Consumer Protection Commission (FCCPC) Clears Database of Approved Loan Apps




In a recent development, the Federal Competition and Consumer Protection Commission (FCCPC) has taken action to clean up its database by removing all approved loan apps, also known as Digital Money Lenders (DMLs). 


The move comes after concerns were raised regarding the conduct of some registered digital lenders who allegedly defamed and harassed their customers, contrary to the purpose of their registration.


The list of over 180 registered loan apps in the country has been taken down from the FCCPC website for the purpose of review and cleanup. A message on the website confirms that the list will be made available again as soon as the clean-up process is completed.


As the FCCPC conducts its investigations, it aims to find and hold accountable those who engage in unethical practices, ensuring that they are permanently removed from the list of allowed operators. 


The ultimate goal is to strike a balance between promoting expansion and shared prosperity through technology while safeguarding individuals from exploitation and impoverishment.