The Federal Competition and Consumer Protection Commission (FCCPC) has deleted the list of all approved loan apps, otherwise known as Digital Money Lenders (DMLs) from its website.
The Commission said the list, which comprises names of over 180 registered loan apps in the country was removed for ‘clean-up’. “
The list is undergoing a clean-up and will be made available as soon as possible,” the message on the FCCPC website reads.
The ongoing review or clean-up of the list may not be unconnected with the recent report by Nairametrics that some of the registered digital lenders have continued to defame and harass their customers, the same practice the registration was meant to forestall.
The FCCPC would later confirm the report through its investigation.
A snapshot of the FCCPC website as of July 31, 2023
Challenges of regulating digital lenders
Highlighting some of the challenges of regulating online lenders in a recent interview with Nairametrics, the Chief Executive Officer of FCCPC, Mr. Babatunde Irukera said the fact that the companies operate on the internet makes it very difficult to have total regulatory control.
- “Our concern is similar to global challenges concerning digital lending. Technology is an incredible tool and platform for expansion and shared prosperity; however, it is sadly also a potential tool for exploiting and impoverishing people. We are now certain that those who are willing to do business ethically have come within the Framework, while those determined to engage in illegal and abusive conduct find other means.
- “Although the potential for their businesses and patronage is severely diminished by the regulatory and enforcement framework, the internet still makes it possible for them to engage in business anyway. We are also discovering that some within the Framework are creating alternative channels outside of the Framework to do business. As we find those, we permanently, without opportunity for renewal or return remove them from the list allowed to operate.
- “The painstaking work of tracking businesses on the internet and holding them accountable is a global phenomenon and challenge that regulators and law enforcers are struggling with internationally. Nigeria is not excluded. Indeed, many, even more, developed countries and platforms including Google are borrowing from some of the efforts that have so far worked in Nigeria,” Irukera said.
He added that the experience shared by regulators from other countries shows that all regulators are facing similar challenges and are still undergoing some learnings in regulating internet-based businesses.
Deny them access to customer data – BVN / NIN verification – deny them access to the verification portal.
Deny them access to the banking services / Nigerian banks unless they get a letter of no objection from FCCPC
Release those that took loans from unauthorized loan operators from repaying that loan – it was taken from an illegal vendor ab initio – so is illegal
Cap their maximum interest rate & payback value – e.g. one can’t pay more than 200% of the loaned amount in total fees / cash paid.
Make the process of loan default resolution very clear – any customer harassment leads to the loan being forfeited and payback not required.
Don’t even give them any approval any longer cos they would keep abusing it, imagine telling people someone has HIv sleeping with a dog, posting RIP of someone that is alive. All defamatory messages to customer and they are faceless to be sued.
Remove all of them including micro finance bank. The interest is killing
No business can strive with such interest in small duration. Make almost 100% of money they borrowed you
They abuse you, curse you subject you to public disgrace and still want you to pay back the loan . I think customers should have a way of reporting them and sanction them where there is evidence of foul play within 24hrs
Some of the agents don’t care even if you threaten to report them to FCCPC
They are many companies who insist their agents must recover the loan by all means .
They are going to the extreme by taging RIP to our numbers, or they say u have HIV or say u are part of child trafficking. On top money that even they have collected the interest in multiple way. Alot need to be ban. E g NG credit also know as nutloan also known as credit box
Also we have some name long cash, credit express, mo credit, easy naira and one thing is they are from same body . They really need to be dealth with
The fccpc should please take action on this so called online landers, people’s lifes has been destroyed. Also they shouldn’t be given access to customs data and more.
Please investigate money tree. You can contact me for their APK..
Deny them access to credit bureaus. Deny them access to phone contact. Deny them access to validate account details.
Pls try and investigate both plenty cash bad lendnaira, the way they defame people is very bad……
Fiypay Pro should be shut down for defamation of character and then deny that loan app access to people’s social media platforms.
pls dis online money lenders because of one day default which interest will be charged leads to serious defaming of somebody by sending treat messages and tagging d customer different names to his or her contact list.
yes money was borrowed and anything can cause few days default which they charge daily interest on the loan but still harrassing d lender and his peaceful contacts.
pls help check dis bad menace.
thank you
I think those loan app need to be subjected to DSS radar, I m one of the victim of this loan sharks, they have send me some threatening msg that if they didn’t get their payment I will regret my action. They do all this with different phone numbers both on calls and through WhatsApp. The danger part of it is that they do download people’s contact once you try to register into their App
They are going to the extreme by tagging RIP to our numbers, and expose our BVN online, or they say u have HIV or say u are part of child trafficking. On top money that even they have collected the interest in multiple way.You pay more than 40% of the loan giving to you. Alot need to be ban. E g NG credit also know as nutloan also known as credit box. Also we have some name long cash, credit express, mo credit, easy naira, our moni mega cash and one thing is they are from same body . They really need to be dealth with
It’s best to stay clear of these loan shark apps. Stiffer regulation is required or outright banning bcos they are not ready to play by the rules. When regulated bank institution rises up to the occasion, all these charlatans will close up shop.
NEWCREDIT is the Boss, they’ll deduct money from your bank multiple times and they’ll do this in the midnight, as we all know it’s thieves that does this.
They’ll remove far more than what you are owing them from your account, I’m a victim.
There are really adding burden for their customers in all ways, also many of their staff are not professional at all, they’ll talk to you anyhow.
Anyone can check their users review on Google play store.
FCCPC do something before it’s too late.
The Director, Consumer Protection Commission
Dear sir/ma
With great sadness and so much regret I write to inform you of the continuous atrocities committed by Easemoni with financial name: Blue Ridge Micro-finance bank.
Not long ago I try to access loan to boast my farming business by approaching a bank and I realized this financial institution have reported my Bvn to Credit bureau as a defaulter for failing to repay 9000 naira loan that was took with BVN, without much delay I quickly make the repayment with the interest totaling 20,000 naira as at 1st of June, 2023 and I mailed this organization to quickly update my credit report so as to not further damage my career but with surprise ever since the day I make the repayment I called them everyday and sent several mails and after sending all information they requested from me, I was assured that my issue is escalated that I will get feedback soon and till date 23rd of July this fraudulent organization is yet to update my record from the bad credit report even after repaying them for as long as two months.
Alongside this report I attached screenshot of my mail to them and their response and also the repayment receipt for establishment of fact, also here is the attachment of the report I got today from the bank I approached for a loan and was declined because of this same financial institution turn 419.
Additionally I traveled down to Lagos state to their supposed office at 84 Abule Nla Rd, Ebute Metta, Lagos and I was told they have vacated from that area a long time ago without updating their new location, and after calling them severally they blocked my number and my wife number so no way reach them again.
With so humility and frustrations I hereby appeal for justice before I take a legal stand against this career damaging organization.
Yours Faithfully
Thank you.
They harassing me and threatening to call all my contacts like fairmoney,. Flypaypro and palmcredit needs to be ban for defemation of person and character.
All of them must be scrapped I mean all bcos the way you lend people 10k to pay 16k with the short period 7 days of time is worrisome .this sharks are killing pple slowly.all must go down the drain.thank you.
The best thing is every Nigerian to start taking loans from them without repayment,. With that it’s operation clamp down all loan sharks .. Nigerians are already aware of their defamatory messages..let’s go and pull them down
Some of these loan apps are foreign owned. It beats my imagination for a company to be having 4 to 5 loan apps with different names. Some of these loan apps have more than 20 phone numbers but no office address. Some of them hide under a registered loan apps, the moment you try to fill your information you will begin to see them pumping up and start sending you money you did not apply for. I believed FCCPC will do a thorough job this time around.
From the reviews so far, it’s obvious these idiots are causing more harm than good. Chairman sir, if this is the only good work you will do as a leader, please do it and ban them all completely.
There are victims of this criminal called online loan app organisation. I plead that their should be a strict rules and regulations put in place for them to operate on otherwise the will kill more than saving. And all their recovery agent should summit their details to the should be made known to d client so as report directly to your office as soo as the start misbehaving that will help to checkmate them. A day to your due date of repayment u will see start calling and begin to threaten u . Please kindly provide complaint link for reporting or phone number with evidence
OK, I will immediately stop forth my plan to borrow. Tnx for the various comments
Easybuy , palmcredit and the rest should be thrown off the market … These guys are wicked and heartless.. I told palmcredit and easybuy the moment you insult me via WhatsApp.. you’ve pushed me to my limit and I’m not paying again.. furthermore.. I removed permission through my phone settings so they can’t access my contacts… Useless people..
How I wish I can upload pics here. I have multiple names and numbers I can share with you. Right now am still receiving a series of calls from these people saying someone uses my number as a guarantor.
Loan is good but only with meaningful interest, imagine borrowing me 3k with the interest of 1700 withing 7days, that’s crazy and also I get a lot of random messages from people and calls from unknown people talking about loans, definitely those loan companies do not respect my privacy they gave out my number. the problem the cause is more than the money they give, they are not helping, they are killing !!!
I’m a victim of these so called online money lenders,they threatened so
much,some even text curses and sent to me,they deducted my money from bank and blocked it.I have been repaying their loans even up till now,even when things are so hard now,if you don’t make full payment they
will add to the repayment again,pls FCCPC do something to help Nigerians.