The Executive Vice-Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera says plans has been concluded against loan apps in Nigeria threatening and defaming their customers.
Mr. Irukera in an interview with newsmen, disclosed that the agency had taken strong actions against loan apps and other firms violating the rights of Nigerian consumers.
He noted what the agency is doing to ensure that Nigerians are not exploited.
50 Accounts Belonging To Loan Apps In Nigeria Have Heen Frozen
According to him, 50 accounts belonging to loan app operators have been frozen.
He said: “In reality, we are not late to the party. The robustness of your action is what determines whether or not you are late to the party. This is happening across the continent. We are the leading regulator on the continent; others are looking to learn from us on how we are succeeding. It is not likely you are late to the party when others in the party are asking you the dance steps.
We have so far frozen 50 accounts. We have taken over 12 applications off the Google Play Store and we are in discussions with more than 10 companies right now. The rate of defamatory messages has dropped by at least 60 per cent. I am not saying they have stopped but they have dropped by at least 60 per cent.
Many Loan Apps In Nigeria Before Us Have Agreed To Modify Their Modus Operandi
More than half of the companies that are currently before us have agreed that they will have to modify their behaviour. Many of them have changed some of their systems, including sacking some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”
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There are many loan apps designed for urgent and emergency cash if you are a Nigerian and live in Nigeria. An emergency cash loan is available for anyone who has an urgent financial obligation that cannot wait.
Reputable And Reliable Instant Loan Apps In Nigeria To Borrow From
If you need a reputable and reliable instant loan app in Nigeria, you can apply for quick cash loans from other platforms apart from ALAT By Wema app. However if you are a business owner, you can apply for a bigger loan amounts from Lendigo platform. The funds can be used to grow and expand your business.
We should also add that if you are a Nigerian or non Nigerian but resident in United States (USA), you can apply for an emergency cash advance loan even if you have a poor or bad credit rating. Please ensure you avoid like a plague any of the following top 22 loan sharks in Nigeria. They are scam and fraudulent.
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