In a determined effort to protect consumers from the invasive practices of certain loan apps, the Federal Competition and Consumer Protection Commission (FCCPC) has announced its intention to take decisive action.
Adamu Abdullahi, the acting Chairman of FCCPC, emphasized in a recent interview that the era of online platforms resorting to hara$$ment tactics against customers would soon be a thing of the past in Nigeria.
Abdullahi expressed concern over the distressing trend where some loan companies resort to sending unpleasant messages, often accompanied by the borrower's picture, to all their contacts if repayment is delayed.
Such practices, he noted, have led to significant problems in Nigeria, including instances where individuals lose their jobs due to the ensuing embarra$$ment and disgrace.
Asserting the FCCPC's stance against such conduct, Abdullahi stated, "We do not agree with that kind of practice because customers are being hara$$ed, even though it’s not directly our problem."
To address this issue comprehensively, Abdullahi revealed that the FCCPC has engaged key stakeholders, including the Central Bank of Nigeria (CBN), the National Information Technology Development Agency (NITDA), the Economic and Financial Crimes Commission (EFCC), and the National Human Rights Commission, to form a committee dedicated to tackling loan app-related abuses.
Taking proactive measures, Abdullahi disclosed that the FCCPC has collaborated with online platform providers like Google and Apple stores to remove the offending apps from their platforms. Additionally, concerted efforts have been made in partnership with the CBN to block the accounts associated with these loan apps.
The FCCPC's decisive actions underscore its commitment to safeguarding the rights and interests of Nigerian consumers, ensuring a fair and respectful lending environment free from hara$$ment and exploitation.
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