We’ve significantly reduced complaints about digital lenders —FCCPC –

The Federal Competition and Consumer Protection Commission (FCCPC) says it has been able to curb the activities of illegal digital lenders in the country and significantly reduce complaints about their activities.

Over the past few years, the unethical behavior of some practitioners in the national fintech and digital lending space has become a huge concern for stakeholders. However, things came to a head in 2022 as customer complaints about the predatory attitudes of some of these operators surged, a development that forced the FCCPC to publish the 2022 Interim Regulatory/Registration Framework and Guidelines for Digital Lending under its enabling laws.

Mr. Babatunde Irukera, the Commission’s Executive Vice-Chairman, recently spoke on live television about the Commission’s achievements in 2022, noting that regulatory measures have played a large role in keeping the field sane.

He explained that the Commission had also set up an inter-agency task force led by the Commission to address the developments at the time, thus being able to significantly reduce the number of complaints coming from the field.

According to him, the task force also sought and obtained the cooperation and collaboration of partners such as Google Playstore, as well as phone companies and other payment gateways used by some illegal digital lending institutions to implement such acts.

He explained that the commission had to wade in early 2022, when the activity of illicit digital lenders had reached “epidemic” status.

“This time last year, it was a runaway train. At least, everyone knew someone or another was being defamed in one way or another by one or another digital lender, and by last March it was actually a epidemic.

“Then between March and August last year, we were quite heavy on investigations, tracking and enforcement, and today we are pleased to see a significant reduction in the defamatory information and lending component. The enforcement work of the working group, and the interim regulatory framework issued and developed by the FCCPC in the joint working group, and partners,” he said.

While assuring those legally conducting business in space of the Commission’s cooperation and support, the FCCPC’s boss reiterated the Commission’s determination to make it very difficult, or even Impossible to carry out business activities.

Irukera also revealed that some erroneous businesses that were previously deactivated by Google Playstore under the direction of the Commission have now changed their ways, have completed the regulatory and registration process, and have been taken back.

“We’re seeing far fewer complaints about the conduct of digital lenders. We’ll continue to review and monitor what’s going on there. There are still some complaints. But we’ll continue to do what we can to fish them out and address their ongoing breaches. But it’s fair to say we’ve got that under control, even if it’s not eradicated,” he added.

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