The Federal Competition and Consumer Protection Commission (FCCPC) has noted a surge in violations of the existing digital lending framework in the country. The commission is determined to pursue Loan App companies leading these violations due to desperation. It added that in the coming days, “the commission will be engaging approved loan apps regarding a more robust compliance framework, including any additional requirements where applicable, and possible mechanisms for otherwise blacklisted apps. “The Commission will welcome demonstrated and timely compliance by all legitimate operators to promote and enhance fairness to consumers and fairness among competitors. “The Commission reiterates its commitment to ensuring legal and ethical operations in digital lending and encourages consumers to consider/patronize only approved DMLs (list available at www.fccpc.gov.ng).”

Source: Nigerian Tribune February 05, 2024 14:38 UTC