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We are shocked by the number of loan apps in Nigeria — CEO, FCCPC

Key highlights


The Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, has said that the Commission was shocked by the number of digital money lenders (loan apps) in Nigeria.

According to him, the just completed registration where 173 money lenders were registered gave a clearer picture of the number of companies operating in the market.

Speaking on an Arise TV program monitored by Nairametrics, Irukera said the Commission discovered that there are over 200 digital money lending companies in Nigeria during the registration. He said many of them started but could not complete the registration before the deadline on March 27.

Some are just preparing to start the business

While noting that not all the registered companies have started lending, Irukera said:

What the registration of loan app means

Irukera said the FCCPC and other government agencies came up with the registration after noticing the proliferation and continuing lending and recovery practices that have become not just ethical violations but even violations of law that become abusive and violation of people’s privacy.  He said the FCCPC led an interagency team including the ICPC, CBN EFCC, and NCC to develop an interim registration framework to address that.

The FCCPC CEO, however, noted that registration does not mean that all the registered companies are law-abiding, but it will significantly reduce how they violate the law. According to him, with the information provided by the registered companies, the Commission can easily trace them and hold them accountable if they violate any law.