Why we froze accounts of 50 firms operating loan apps –FCCPC

The Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera says the agency had taken strong actions against loan apps and other firms for violating the rights of Nigerian consumers.

The FCCPC is formerly known as the Consumer Protection Council.

Irukera said so far, 50 accounts of loan apps have been frozen, 12 have been taken off Google Play Store and they are in talks with 10 other companies.

He also debunked claims by Nigerians that the organization is slow to intervene where digital loan firms harass citizens for not paying their debt.

He said, “We have so far frozen 50 accounts. We have taken over 12 applications off the Google Play Store and we are in discussions with more than 10 companies right now.

“The rate of defamatory messages has dropped by at least 60 percent. I am not saying they have stopped but they have dropped by at least 60 percent.

“More than half of the companies that are currently before us have agreed that they will have to modify their behavior.

“Many of them have changed some of their systems, including sacking some employees who sent defamatory messages.”

Speaking on the plans to protect citizens from defamation, the FCCPC boss said, “We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”



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