FIJ
Digital Money Lenders (DMLs) who use illegal methods such as spamming costumers’ contacts and sharing false information about them to recover their loans operate by directing consumers to illegal websites through which they access their personal information for such purposes, a recent investigation by the Federal Competition and Consumer Protection Commission (FCCPC) revealed.
In a press release signed by Babatunde Irukera, the commission’s executive vice chairman and CEO, on Thursday, the FCCPC said:
“The commission notes a resurgence in the occurrence of prohibited loan recovery methods and practises in the past weeks. The commission’s investigations and continuing surveillance determine that the vast majority of the resurging infringements are not by otherwise approved/listed DMLs approved to be on Playstore and other financial services providers.
According to the FCCPC, legally registered DMLs on the commission’s approved list were found to be engaging in duplicitous acts, which involved utilising APK to lure borrowers to engage their services on illegal and unregulated platforms.
Sycamore Integrated Solutions Ltd., and Orange Loans and Purple Credit Ltd., owners of Getloan and Camelloan, were listed as some of the companies perpetuating this illegality
