The Federal government of Nigeria has explained the clampdown on lending apps, which it said were terrorizing citizens.
The Executive Vice Chairman, Federal Competition & Consumer Protection Commission (FCCPC) Babatunde Irukera in a media discussion on Thursday revealed that there are about 70 to 90 online lending applications currently operated by various firms in Nigeria.
He noted that while some of the online apps were legitimate, so many others were operating illegally.
“Not all online loan applications are illegal. Some are completely illegitimate; some are legitimate but illegitimate in their approach to tracking debtors. We are against the illegitimate works,” Irukera said.
The FCCPC boss urged companies to be responsible and responsive to customer care services.
According to him, the government is more accessible and easier to find than private individuals because individuals want to make a profit
