Nigeria has over 70 online lending applications – FCCPC

The Federal Government has stated that there are approximately 70 to 90 online loan applications currently operated by various businesses in Nigeria.

Executive Vice President of the Federal Competition and Consumer Protection Commission, Babatunde Irukera, made the revelation Thursday in Lagos, during a collaborative engagement with the media to review and analyze the state of the market.

He said some of the online apps were legitimate while others were operating illegally.

“Not all online loan applications are illegal. Some are completely illegitimate; some are legitimate but illegitimate in their approach to tracking debtors. We are against illegitimate works,” Irukera said.

The FCCPC boss urged companies to be responsible and responsive to customer support services.

According to him, the government is more accessible and easier to find than individuals because individuals want to make a profit.

Irukera said: “Government, for all its inefficiencies, is more accessible, easier to find than private individuals selling just to make a profit.

“The industry must prioritize responsiveness and accountability to its customers. Customer responsiveness is at the heart of the business and FCCPC is responsible for it. »

He said the media is an essential infrastructure in the government’s constitutional obligation to protect the interests of consumers.

“What we intend to achieve is to educate people about their rights,” he said.

Irukera also said that one of the challenges in the telecom sector is billing transparency.

He said, “The challenge in telecommunications is billing transparency. With data it is difficult to see transparency in data billing, transparency is better with voice calls than with data.

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David A. Albanese