Nigerian government explains crackdown on online lending apps

Nigeria’s federal government has explained the crackdown on loan applications, which it says terrorizes citizens.

The Executive Vice President of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, in a media discussion on Thursday revealed that there are around 70-90 online lending applications currently in operation. by various companies in Nigeria.

He noted that while some of the online applications were legitimate, many others operated 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.

Also read: CAN condemns lending apps, urges CBN to rein in operators

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