The Federal Competition and Consumer Protection Commission says it has listed conditions for digital lenders who wish to continue operating in Nigeria.
TheCable had reported that the FCCPC, in collaboration with enforcement agencies, raided the offices of “illegal”“Some of the moneylenders under investigation, or whose bank accounts have been frozen, and others, have approached the Commission and expressed a desire to cooperate and assist the Commission regarding the investigation under the Commission’s Investigative Cooperation/Assistance Rules and Procedure 2021 ,” the statement reads.
“Declarations enforceable under S. 153 of the FCCPA to immediately and forthwith: Cease and desist from contacting, including by text messages, people in contact lists/third parties of borrowers or defaulters.“Discontinue further abusive, coercive and inappropriate language in communication with loan defaulters or borrowers. Provide a mechanism for transparency regarding loan repayment fees, default or late payment charges as well as interest calculation to the Commission.
fccpcnigeria TundeIrukera At the rate at which people are patronizing these online lenders, government need to have a clear and unambiguous regulations that will guide their activities and at same time a proper sanctions on defaulters.
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