FG bans loan app banks for harassing Nigerians

FG bans loan app banks for harassing Nigerians

The Federal Government, in collaboration with the Federal Competition and Consumer Protection Commission, has taken decisive action against two loan app banks for their harassment of Nigerians. The government has permanently removed these banks from the Google Play Store and initiated the process of deleting their respective apps.

The decision to take such action came after a thorough investigation by the commission. Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their apps ‘Getloan’ and ‘Camelloan,’ have been permanently delisted due to their illicit practices.

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In a statement signed by the Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, the commission highlighted the duplicity and illegal activities of these otherwise registered digital money lenders. It was discovered that they were using APKs to attract borrowers, which is both illegal and unregulated.

The two identified companies, Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, occupied positions 1 and 65 respectively on the Approved List of the commission. As a result, the Commission has not only permanently delisted them but has also issued an order to Google Play Store and other payment and financial service providers, prohibiting them from offering any services associated with digital lending to these companies.