The FCCPC has announced it will block any loan application that harasses customers. This information was revealed on the Commission’s X page on Saturday, May 4, 2024.
The acting Chairman of the FCCPC, Adamu Abdullahi, assured that such incidents would not recur as the Commission has started tackling the problem.
Adamu stated, “The era of online platforms known as loan sharks, which provide quick financial solutions to Nigerians, will soon be over.”
He also highlighted the issue of loan companies sending offensive messages and pictures to all contacts of defaulting borrowers, causing significant distress in Nigeria, including job losses due to the resulting embarrassment.
“We do not condone such practices, as they result in customer harassment, even if it is not directly our concern,” he said.
To combat this, the FCCPC has engaged with the CBN, NITDA, EFCC, and the Human Rights Commission to form a committee dedicated to resolving the issue.
Upon discovering that these loan entities operate solely online without physical offices or identifiable directors, the FCCPC has requested Google and Apple stores to remove their applications and has worked with the CBN to block their accounts.
He said after they blocked their accounts, they approached them and gave them forms to fill out with all their details, addresses, and managing directors before giving them the new regulations on how they should operate. So, anytime we receive any complaints from any customer, we will block them again.”
He explained that for now, they have issued warnings to them, and they started this project last week Monday.
“They have agreed in writing that they will no longer have access to people’s contacts and photos, so if we hear that they do it again, we will block them immediately,” he concluded.”
