CityNews Nigeria reports that the Federal Competition and Consumer Protection Commission (FCCPC) has deleted the list of all approved loan apps, otherwise known as Digital Money Lenders (DMLs) from its website.
The Commission said the list, which comprises names of over 180 registered loan apps in the country was removed for ‘clean-up’. “
The list is undergoing a clean-up and will be made available as soon as possible,” the message on the FCCPC website reads.
The ongoing review or clean-up of the list may not be unconnected with the recent report by Nairametrics that some of the registered digital lenders have continued to defame and harass their customers, the same practice the registration was meant to forestall.
The FCCPC would later confirm the report through its investigation.
A snapshot of the FCCPC website as of July 31, 2023
Highlighting some of the challenges of regulating online lenders in a recent interview with Nairametrics, the Chief Executive Officer of FCCPC, Mr. Babatunde Irukera said the fact that the companies operate on the internet makes it very difficult to have total regulatory control.
He added that the experience shared by regulators from other countries shows that all regulators are facing similar challenges and are still undergoing some learnings in regulating internet-based businesses.
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