THE Federal Competition and Consumer Protection Commission, FCCPC, has announced that it will begin the process of blocking loan apps that harass customers.
According to media reports, this was disclosed on the Commissions X page on Saturday, 4 May 2024, where the Acting Chairman of the FCCPC, Adamu Abdullahi, made it known that they have begun to address the issue.
Adamu said, “It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.
“However, if they don’t pay back on time, some of these loan companies send unpleasant messages with their picture to all their contacts.
“This harassment has caused many problems in Nigeria, as some people even lose their jobs because of embarrassment and disgrace.
“We do not agree with that kind of practice because customers are being harassed, even though it’s not directly our problem.
“We have involved CBN, NITDA, EFCC, and the Human Rights Commission to form a committee to address the issue.
“Since we found out that they operate online and have no physical offices or managing directors, we approached Google and Apple stores to take down all their Apps. We also coordinated with the CBN to block all 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, adding “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 Monday.
