We go block any Loan App wey harass customers – FCCPC

Federal Competition & Consumer Protection Commission (FCCPC) tok say loan apps wey dey harass customers go enta gbege wit dem.

Some of di loan apps dey contact friends and family of pipo wey owe dem money to shame di defaulters.

Acting vice chairman of FCCPC, Adamu Abdullahi, wey follow BBC Pidgin tok also chook mouth for businesses for Nigeria wey dey receive foreign currencies for dia products and add say dem dey work on some regulations for online market.

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The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to loan apps, stating that any app that continues to harass customers will be blocked.

This move is aimed at protecting consumers from the increasing cases of harassment and exploitation by some loan apps.

The FCCPC has also said and made it clear that he has also made collaboration with Google to remove such apps from the Play Store.

Here are some key points from the article:

• The FCCPC has licensed 173 loan apps to operate in Nigeria and they can no longer harass customers, contact their contact lists, or increase interest rates arbitrarily.
• Loan apps are no longer allowed to contact borrowers’ contact lists or increase interest rates arbitrarily
• Any loan app that continues to harass customers will be blocked
• The FCCPC is working with Google to permanently remove non-compliant loan apps from the Play Store

This move by the FCCPC is a welcome development, as it aims to protect consumers from the excesses of some loan apps and promote fair and responsible lending practices in the industry.

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Fasholu Gabriel Oluwatobi

Gabriel O. Fasholu is the founder and editor of SPYCONNET. A brilliant Educationist, Social Media Enthusiast & Freelancer who is passionate about passing undefiled information to the entire public.

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