FCCPC Deletes All Registered Loan Apps for Ongoing Cleanup

The Federal Competition and Consumer Protection Commission (FCCPC) have removed from its website the list of all licensed lending applications, often known as Digital Money Lenders (DMLs).

The list, which included the names of over 180 registered lending apps in the nation, was removed for 'clean-up,' according to the Commission.

"The list is being cleaned up and will be made available as soon as possible," according to a post on the FCCPC website.

In a recent interview with news outlet, the Chief Executive Officer of FCCPC, Mr. Babatunde Irukera, highlighted some of the issues of regulating online lenders, stating that the fact that the organizations operate on the internet makes absolute regulatory supervision impossible.

• “Our concern is similar to global challenges concerning digital lending. Technology is an incredible tool and platform for expansion and shared prosperity; however, it is sadly also a potential tool for exploiting and impoverishing people. We are now certain that those who are willing to do business ethically have come within the Framework, while those determined to engage in illegal and abusive conduct find other means. 

• “Although the potential for their businesses and patronage is severely diminished by the regulatory and enforcement framework, the internet still makes it possible for them to engage in business anyway. We are also discovering that some within the Framework are creating alternative channels outside of the Framework to do business.  As we find those, we permanently, without opportunity for renewal or return remove them from the list allowed to operate.

• “The painstaking work of tracking businesses on the internet and holding them accountable is a global phenomenon and challenge that regulators and law enforcers are struggling with internationally. Nigeria is not excluded. Indeed, many, even more, developed countries and platforms including Google are borrowing from some of the efforts that have so far worked in Nigeria,” Irukera said.

He went on to say that the experience of regulators from other nations demonstrates that all authorities face similar problems and are still learning about regulating internet-based enterprises.