The Executive Vice-Chairman/Chief Executive Officer, Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, says the commission has frozen the bank accounts of 50 digital loan apps operating in the country.
He made the revelation in an interview published by The Punch on Monday.
Irukera said that the FCCPC has also compelled the loan apps to modify their behaviours that infringe on the rights of their customers.
“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,” Irukera said.
Asked why only one loan app was being prosecuted, Irukera, who is a lawyer, said, “Well, money lending itself is not a criminal conduct.
“So, you have to determine there has been a crime. And even defamation, when civil, is not something a regulator can enforce.
“It is an injury to reputation that is only enforceable by the injured party and through the judicial process.
“What we are doing as a regulator includes things that the law gives us power to do. Some of these things are still happening, but we will continue the work to eradicate them.”
He added that more than 10 lending companies were being investigated by the commission.
DiamondCredit app is part of fraudulent app amongst loan apps in Nigeria and it’s disturbing; permit me to say
They come in disguise of 90 days and then once u apply for loan; within a week they start disclosing ur Ben to public and harassing u with lots of insulting barbaric words and disrupting one’s heart as such may lead or is responsible for 60 percent of individual’s suicidal acts.
In summary; loan apps should be banned as it reduces the risk of one disclosing some personal sensitive info cause of those fraudulent apps with disguise of loan. Please the CBN should see to this. Thanks
Pls help me…I was in need of money and so I decided to try this Nutloan app, I borrowed money from them and repay them back within 7days. But after repaying my loan. I was shocked when I received Credit alert from the app. I mean they keep sending me money to my bank account without my notice. Without me asking for it. Pls help a sister because I don’t know what to d again. I messaged them on email which they didn’t respond to me.
Please I need help, a lady called Gloria 512 with phone number and WhatsApp number +234 810 041 5104 has been sending this message to all my contacts and she’s from an app called Moneytree 24Cash, before the due date.
ATTENTION! ATTENTION!! ATTENTION!!!
PLEASE TREAT AS URGENT
Her name is ADEBUKOLA PADRO with the phone number 07055585807. She was caught Sleeping with Dog and now She is HIV/AIDS positive and current living with cancer. Please she need your help because she is owing many loan apps.