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Loan apps: Acting FCCPC CEO says no going back on new regulation   

Samson Akintaro by Samson Akintaro
February 3, 2024
in Sectors, Tech News
Loan apps: Acting FCCPC CEO says no going back on new regulation   
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The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr Adamu Abdullahi, has said the Commission is forging ahead with a new regulation for the operations of loan apps despite the removal of its former boss, Babatunde Irukera. 

Abdullahi stated this while appearing on a Channels TV live interview program monitored by Nairametrics. The Acting EVC said he had been the Head of Operations at the FCCPC during Irukera’s leadership and was part of investigations of loan apps and the development of regulations, and therefore ready to continue the development of the new regulation as planned by the former leader.  

Before his removal in December last year, Irukera had announced that the FCCPC would this year develop a new regulatory framework to address Nigerians’ rising indebtedness to loan apps.   

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Nothing has changed 

While noting that the FCCPC would continue with what the former FCCPC boss had been doing and even on a larger scale, Abdullahi said: 

  • “All the investigations regarding the loan apps and all the developments of the regulations were done with me as part of the team. Therefore, nothing stops our continuity in that respect. We will develop the additional regulatory requirements that are needed.  
  • “What we want to do is to ensure that the interests of the consumer are protected. We are working on this project along with the CBN which has the core competence in finance in Nigeria. Of course, the Data Protection Commission is also there as well as the EFCC and ICPC.  

Identifying the loan apps 

The Acting FCCPC boss said one big success the Commission had recorded in addressing the issues with loan apps was the identification of the companies behind the apps through its Interim Regulation.

According to him, before the regulation, there was no way to trace any of the companies operating the loan apps. 

  • “Before, when they did what they used to do, there was no way you could put names to the companies or their location. It took us a long time before we could identify where they are operating from.  
  • “What they used to do is immediately you get a loan from them they have access to your phone numbers. So, they can now go ahead and harass your family or employer. Some people lost their jobs through that. People even lost their lives. We don’t want that kind of harassment. What we want is to have a safe place where they can operate,” he said. 

Abdullahi said the Commission is trying to strike a balance between the continuous operations of the loan apps and the customers’ defaulting in repaying their loans. He noted that despite the challenges, loan apps are playing important roles in the economy.  

  • “Yes, they give loans here and there and they must collect their loans back, but they do not have to go ahead and destroy families and lives in the process of collecting back their loans. So that is what this regulation that we’re coming up with will address. We are trying to balance everything,” he said. 

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Tags: FCCPC
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

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Comments 11

  1. Filmovity says:
    February 3, 2024 at 7:17 am

    Kudos to you.

    Even though I didn’t even for a second thought of borrowing from those kind of loan apps, but from the stories I’m hearing these guys are among the worst loan givers.

    Reply
  2. uc says:
    February 3, 2024 at 8:21 am

    banks should wake up. People have accounts running and cant access 100k from banks.

    Reply
  3. Abubakr Adebona says:
    February 3, 2024 at 10:29 am

    They’re still harassing there customers and still go as far destroying the images of the customers, they still call relatives and families of the victim.
    Fairmoney
    Opay
    Palm credit
    Please ban them totally.

    Reply
    • Godswill says:
      February 4, 2024 at 7:25 am

      Fairmoney?
      They are regulated oo, and I’ve never heard of them harassing anyone before .
      Palmcredit do not fairmoney.
      I don’t think this is true .

      Reply
  4. Zechariah nifemi says:
    February 3, 2024 at 1:57 pm

    Palmcredit and newcredit app they harass people and even sent curses to their clients. I lost a friend due to their harassment. He couldn’t pay before the due date,she plead for extension. They rain curses on him and they add high interest every day until he committed suicide.

    Reply
  5. Warley says:
    February 3, 2024 at 4:02 pm

    Please did the commission also look at the interest rates which they dubiously tagged as service fee leaving the interest ridiculously low to mask their intentions.
    How about the 7 days loans without options and with heavy interest as high as 45%-55%.. ls this in agreement with the financial regulation.

    Reply
    • Chinwa says:
      February 4, 2024 at 7:29 am

      My dear God will bless you for observing that and saying it out, there interest is what use to scare away from them and when they borrowed you the money interest will be higher than the principal amount you received making it difficult sometimes to pay back the loan.

      Reply
  6. Babajide Aikulola says:
    February 3, 2024 at 5:34 pm

    It’s ridiculous charging a daily interest of 0.5% upward on loan repayment, imagine a loan of 190k with a repayment of 320k for 90days with fair money and 160k for repayment of 261k with Ease moni
    These can’t continue,,they are even courageous and being supported by credit bureau without verifying the. Claims sent to them before publishing it on their website or network
    Please help Nigerians in stopping the meness

    Reply
  7. Salamatu says:
    February 4, 2024 at 9:32 am

    Loan app that will give you 50k and ask you to pay 70k back in 7days and my country cannot control them rather encouraging them. Many has die because of this loan app, instead of you guys to think of a better option for the masses, why cant the same government give this loan out to citizens on a low interest rate.

    Reply
  8. Detola says:
    February 4, 2024 at 12:05 pm

    Who said fair money don’t defame…they do defame oo… someone shared his evidence on Facebook with the high interest charges dey add everyday….all these app are loan shark…dey should be ban abeg…

    Reply
  9. Olakunle j says:
    February 4, 2024 at 7:56 pm

    Federal government should establish and by creating community cooperative across Nigeria that will allow all Nigeria to download such app and borrow loan via mobile app with loan interest and biometric data for bvn and nin should be the customer collateral

    Reply

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