FCCPC Asks Google, Apple Stores To Take Down Illegal Loan Apps

The Federal Competition and Consumer Protection Commission says it has reached out to digital distributors of mobile apps, Google Play Store and Apple Stores to clamp down on illegal loan apps on its platforms.

The move, Naija News understands was made as a result of the outcry over abuse of policy and violations of human rights by some online money lenders.

Most of the affected loan companies are observed to have emerged during the Coronavirus lockdown.

They offer loans to vulnerable Nigerians without collecting collateral.

However, their methods of recovery of the funds from defaulters have been regarded as suicidal and embarrassing, and also a violation of financial policies.

Speaking at a press conference yesterday in Abuja, the Executive Vice Chairman of the FCCPC, Mr Babatunde Irukera, said the commission has frozen no fewer than 30 bank accounts operated by illegal loan organisations.

Irukera explained further that Google and Apple Stores have been informed of the situation and have been urged to immediately take down some loan applications from their stores, noting that there were certain processes required for that to happen.

He also said the commission was currently engaging three major loan companies whose businesses had been affected by its raid.

Irukera said: “The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated. All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.

“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.”

“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure they are modifying”, Irukera noted.

The FCCPC chairman said though the processes will take some time, he can assure that the space will change soon.

Irukera called for an improved partnership with the media to educate members of the public on their consumer rights in order to achieve the objectives of the commission.