FCCPC says action against illegal digital lenders

Few weeks after Consumertrics held its maiden workshop on Responsible Borrowing and Lending, the Federal Competition and Consumer Protection Commission (FCCPC) has revealed action it is taking against illegal digital lenders, in the bid to sanitize their operations and protect borrowers’ rights.

Babatunde Irukera, the Executive Vice Chairman, FCCPC, spoke on a Twitter space on Tuesday. He said the FCCPC had so far yanked off 70 loan applications while it locked out over 60 bank accounts.

“Wherever we find their bank accounts, we lock it down, whatever applications they are using, we go to Google, we take them down,’’ he said.

Irukera, who was the keynote speaker at the Consumertrics’ advisory series workshop, also said that FCCPC’s unrelenting enforcement against the illegal loan sharks led to a reduction in cases of public shaming of borrowers by lenders.

“I will say that after our enforcement last month, we counted probably less than 25%, tracking the complaints that came in.

“But 25 is not it, we will keep doing what we are doing, even adding more,’’ he said.