FCCPC lists conditions for digital lending activities | The Guardian Nigeria News - Nigeria and World News

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To check the excesses of digital lenders in the country, the Federal Competition and Consumer Protection Commission (FCCPC) has listed conditions under which money lenders would operate in the country.

According to the FCCPC, some of the lenders that are under investigation with frozen accounts, have approached the Commission and expressed the desire to cooperate with the FCCPC. This, it said, necessitated the unveiling of conditions for which they should be allowed to operate.

The FCCPC, in collaboration with enforcement agencies, had raided the offices of “illegal” digital loan companies operating in Ikeja, Lagos, over alleged rights abuse. “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 in part.

“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.”

 

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