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Tag: Loan Apps

Loan apps: FCCPC to address rising debt with new policy
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Loan apps: FCCPC to address rising debt with new policy

The Federal Competition and Consumer Protection Commission announced plans to create a new regulatory framework to address Nigerians’ growing reliance on digital money lenders, often known as loan apps. The Commission’s Chief Executive Officer, Mr. Babatunde Irukera, revealed this on Monday while appearing on a TVC live program. Irukera stated that debt to DMLs has become […]

How money apps force unapplied loans on customers - Agents
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How money apps force unapplied loans on customers – Agents

A web of concerning practices has been unveiled within the realm of loan apps, with agents stepping forward to shed light on alarming tactics employed by the likes of Palmcredit, Easybuy, Xcrosscash, and Newcredit. These agents shared their experiences, saying that their bosses force them to give out as many loans as possible every day, […]

Students' loan scheme to be launched in three weeks - Gbajabiamila
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FCCPC orders Google to remove Swiftcash, Easynaira, other loan apps

The Federal Competition and Consumer Protection Commission has issued an order requesting that Google remove Swiftcash, Easynaira, and 16 other lending apps from the Google Play store immediately. The Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending were broken, according to the Commission, which claimed to have just learned this in a statement signed by […]

Loan apps: FCCPC to address rising debt with new policy
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FCCPC deletes all approved loan apps

The list of all approved loan applications, also known as Digital Money Lenders, has been removed by the Federal Competition and Consumer Protection Commission from its website. According to Nairametrics, the list, which contains the names of more than 180 loan applications that have been registered in the country, was allegedly removed for “clean-up.” The FCCPC website […]

Loan apps: FCCPC to address rising debt with new policy
News

Registered loan apps use alternative channels to harass debtors – FCCPC

The Federal Competition and Consumer Protection Commission have conducted investigations that have shown that some licensed and authorized digital money lenders, also known as loan apps, are using other ways to carry on with their illicit activities. According to the Commission, the businesses in question are Purple Credit Limited and Sycamore Integrated Solutions Limited. The […]

FCCPC to shut loan apps over harassment
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FCCPC to shut loan apps over harassment

The Federal Competition and Consumer Protection Commission has stated that it will remove any loan applications that harass users and asked Google to remove such applications from its app store. This was in response to the ongoing harassment and defamation meted out by these digital lenders to Nigerians. The FCCPC required loan applications to register […]

Loan apps: FCCPC to address rising debt with new policy
News

FCCPC sets rules for registering loan apps deleted by Google

The Federal Competition and Consumer Protection Commission has established requirements for loan apps that have been removed from the Google Play store in order to be registered by the Commission. Nairametrics reported that FCCPC announced this at the same time that it has resumed registration of digital money lenders after closing it on March 27, 2023, following […]

FG to probe 40 loan apps over customers 'abuse'
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FG to probe 40 loan apps over customers ‘abuse’ Business

In light of what has been called “sharp practices” and “abuses”, the Nigerian government is looking into ways to investigate several digital loan apps. The House of Representatives has instructed its Committee on Banking and Currency, Financial Crimes, and Telecommunications to begin an investigation into the loan administration and business practices of fintech companies and […]