We’ve frozen accounts of 50 firms operating loan apps – FCCPC

The Executive Vice-Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera on Monday  disclosed that plans has been concluded against loan shark apps. Mr. Irukera in an interview with newsmen, disclosed that the agency had taken strong actions against loan apps and other firms violating the rights of Nigerian consumers. He said that the agency is doing to make sure that Nigerians are not exploited. According to him, 50 accounts belonging to loan app operators have been frozen.

He said: “In reality, we are not late to the party. The robustness of your action is what determines whether or not you are late to the party. This is happening across the continent. We are the leading regulator on the continent; others are looking to learn from us on how we are succeeding. It is not likely you are late to the party when others in the party are asking you the dance steps.

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 per cent. I am not saying they have stopped but they have dropped by at least 60 per cent.

 More than half of the companies that are currently before us have agreed that they will have to modify their behaviour. Many of them have changed some of their systems, including sacking some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”