Nigerian govt delists 2 digital money lenders, sets deadline for many others


The Federal Competition and Consumer Protection Commission (FCCPC) has taken strong action against two Digital Money Lenders (DMLs) for engaging in illegal and deceptive practices. In an official statement posted on the Commission’s Twitter handle, Babatunde Irukera, the Executive Vice Chairman of FCCPC, announced the permanent delisting of Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps “Getloan” and “Camelloan.”

The FCCPC found that these delisted DMLs had resorted to deceptive tactics to attract borrowers, violating the regulations set by the Commission. As a result, the FCCPC has taken strict measures, including entering an order to Google Playstore and other payment and financial service providers, permanently prohibiting any association with digital lending services offered by the two companies.

Moreover, Mr. Irukera emphasized that the revocation and action taken against the two DMLs were permanent, with no option for reconsideration. The Commission is committed to enforcing these measures, and any other violators will face the same consequences. Additionally, the FCCPC plans to share all relevant information and evidence regarding the activities of the two companies with law enforcement agencies and other regulators to take appropriate action.

To further regulate the digital lending space, the Commission has established the Limited Interim Regulatory and Registration Framework and Guidelines for Digital Lending, with a deadline of November 14 for all DMLs to comply with the guidelines. Failure to comply will result in the removal of such DMLs from Google Playstore.

Mr. Irukera assured the public that the FCCPC will continue to scrutinize all listed DMLs and update the list periodically on its website to ensure that only businesses that consistently and fully comply with the regulations are allowed to operate. Consumers are strongly advised to patronize only DMLs on the Commission’s approved list to protect themselves from illegal and deceptive practices.

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