Loan Sharks: FG to Order Google to Delete from Play Store Loan Apps Harassing Customers

• The FCCPC has said it will ask Google to delete permanently any digital lending money app found wanting for harassing and slandering customers
• Lenders who follow ethical guidelines will be supported by the Commission in cases of loan default
• The Commission warned lenders that harassing customers or sending defamatory messages are not forgivable

The Federal Competition and Consumer Protection Commission (FCCPC) has stated that any digital money-lending app found harassing and slandering customers stands the risk of being deleted from Google Playstore.

This development follows Federal Government's clampdown on illegal and unlicensed money-lending apps that not only harassed loan defaulters but also engaged in unwholesome practices.

The intent to shut them down on Google Playstore was disclosed by the CEO of the commission, Babatunde Irukera during an interview on Arise TV.

This is coming after several warnings by the commission to the loan sharks who offer loans at high rate of returns under strict terms of collection.

Irukera, however, said the commission would open its arm to lenders who are ethical and punish those who subscribe to customer's harassment and defamation.

Medium of harassment

The FCCPC boss noted that some of the lenders prefer to use Whatsapp and other channels when they are advertising their services to customers in place of Google Play Store.

According to him, the FCCPC is watching all and any digital lender that is found wanting will be deleted from the Google Play Store permanently as they are found.

He said:

Our concern is if these lenders we’ve approved are still doing it (harassing customers), even if they do it just for once, we will permanently delete them from the Google Play Store. As we discover them, we go after them.

There are things they can do wrong where they will be given a second chance but with respect to harassing consumers or defamatory messages, there will not be a second chance.

Possible way out for lenders

Irukera therefore advised lenders to devise other means of loan recovery such as checking the credibility status of potential borrowers.

He said that most people who are failing to pay back these loans are chronic borrowers. He, therefore, proposed that those who have a problem of paying back their obligation should not be given the opportunity to borrow again.

He advocated that those who truly have financial problems and fail to meet their commitment to any lending platform should not be shamed through defamatory messages.

Noteworthy, the FCCPC, a few months ago began a process to legally register and license approved loan apps. At the end of the first round of registration, about 173 digital lending applications were approved to operate in Nigeria.

Lending app operators decry loss of business due to FG, Google regulations

Meanwhile, Legit.ng earlier reported that the exclusion of numerous loan app operators from the list of licensed and approved operators authorized to function in Nigeria has put them in a state of crisis.

Recently, the Federal Government (FG), through the Federal Competition and Consumer Protection Commission (FCCPC), made an announcement that highlighted the approval of 173 digital lending applications to operate in the country.

Out of these 173 loan apps, only 119 have received complete approvals, while the remaining 54 have conditional approvals.

Consequently, the loan apps that have not been licensed by the FCCPC are now deemed illegal, barring them from conducting legitimate operations in Nigeria unless they successfully undergo the approval process in the future.

Source: Legit.ng