FG wields big stick on digital money lenders, delicenses Getloan, Camelloan

• FCCPC warned consumers against dealing with the delisted loan companies
• Information and evidence concerning the two companies’ activities would be sent to law enforcement agencies and other regulators for appropriate action

The Federal Government has announced the delisting of of two digital money lenders (DMLs) for illegal and unregulated activities.

The move is coming amid the crackdown on loan sharks over perennial and ubiquitous prohibited and unlawful activities.

The executive vice-chairman of Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, announced the development in a statement.

In the statement on the commission’s official Twitter handle on Friday, Irukera disclosed that the two delisted DMLs engaged in deception to attract borrowers.

Irukere disclosed that the commission had also set a deadline for all DMLs to comply with its regulations.

”The commission notes a resurgence in the occurrence of prohibited loan recovery methods and practices in the past weeks. The commission has now permanently delisted Sycamore Integrated Solutions Limited and Orange Loan, and Purple Credit Limited, along with their respective apps ‘Getloan’ and ‘Camelloan’,” the FCCPC statement noted.

The statement added, “FCCPC has entered an order to Google Play Store and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to the companies.”

The commission reiterated that the “revocation and action are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators.”

Irukera said the FCCPC would forward all information and evidence concerning the two companies’ activities to law enforcement agencies and other regulators for appropriate action.

He, therefore, warned consumers against dealing with the delisted loan companies.

The executive vice-chairman also stated that the FCCPC had, with the approval of the Joint Regulatory and Enforcement Task Force, established the Limited Interim Regulatory and Registration Framework and Guidelines for Digital Lending.

Irukera said the guidelines gave a November 14 deadline for all DMLs in business and on Google Playstore to comply with the guidelines or risk removal from Play Store.

He advised consumers to patronise only DMLs on the commission’s approved list.