’50 Bank Accounts Of Illegal Loan Apps Have Been Frozen’

At least, 50 Bank Accounts Of Illegal Loan Apps operating in Nigeria Have Been Frozen.

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 lending apps threatening and defaming their customers in Nigeria.

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.

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’50 Bank Accounts Of Illegal Loan Apps Have Been Frozen’. Lending platforms give quick and emergency cash loans.

50 Bank Accounts Of Illegal Loan Apps Have Been Frozen,

According to him, 50 bank accounts of illegal loan apps 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.

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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How to stop a loan app from accessing your contact?

  1. Don’t download any loan app on your phone.
  2. If you have already downloaded a loan app, don’t approve or collect any loan from the platform.
  3. If you have already collected a loan from the platform, pay back any outsanding balance, delete and uninstall the app immedialy from your phone and do not reinstall or collect any further loan from the credit platform.
  4. Only download and patronize reputable loan apps that will not send shame or defamatory messages to your contacts, even if they have your phone contact access.

How Do I Prevent Fake Loan Apps Like Sokoloan, LCredit and others From Calling Or Messaging My Contacts?

To stop fake loan apps from accessing your phone contacts generally or specifically stop scam platforms like Sokoloan or LCredit from messaging your list, do not download their apps on your phone. Do not approve or collect any loan from them. Do not give them permission on your phone to access your contacts. That essentially means you cannot have access to collect their loans.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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