Nigerian govt explains clampdown on online lending apps

Nigerian govt explains clampdown on online lending apps

The Federal government of Nigeria has explained the clampdown on lending apps, which it said were terrorizing citizens.

The Executive Vice Chairman, Federal Competition & Consumer Protection Commission (FCCPC) Babatunde Irukera in a media discussion on Thursday revealed that there are about 70 to 90 online lending applications currently operated by various firms in Nigeria.

He noted that while some of the online apps were legitimate, so many others were operating illegally.

“Not all online loan applications are illegal. Some are completely illegitimate; some are legitimate but illegitimate in their approach to tracking debtors. We are against the illegitimate works,” Irukera said.

The FCCPC boss urged companies to be responsible and responsive to customer care services.

According to him, the government is more accessible and easier to find than private individuals because individuals want to make a profit.

Irukera said, “Government for all its inefficiencies is more accessible, easier to find than private individuals who just sell to make a profit.

Read also: CAN condemns loan apps, urges CBN to curb operators

He said the media is a critical infrastructure in the constitutional obligation of the government to protect the consumers’ interests.

“What we intend to achieve is to educate people of their rights,” he said.

Irukera also said that one of the challenges in the telecommunication sector is transparency in billing.

He said, “Challenge in the telecommunication is transparency in billing. With data, it is difficult to see transparency in data billing, transparency is better with voice calls than with data.”

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Source: Culled From Ripples Nigeria.

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