Nigeria Has Over 70 Online Lending Apps – FCCPC

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.

According to him, some of the online apps are legitimate while others are operating illegally.

“Not all the 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.

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

He further said that the government is more accessible and easier to find than private individuals because individuals want to make a profit.

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

“Industry must prioritise responsiveness and responsibility to their customers. Customers responsiveness is a core to business and FCCPC owes this as a responsibility.”

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

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