The Federal Competition and Consumer Protection Commission, FCCPC, has de-listed two Digital Money Lenders, DMLs, for illegal, prohibited and unregulated activities.
The Executive Vice Chairman of FCCPC, Babatunde Irukera said in a statement on the Commissionās official Twitter handle on Friday, that it had also set deadline for all DMLs to comply with its regulations.
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Mr Irukera said the two delisted DMLs engaged in deception to attract borrowers.
āThe Commission notes a resurgence in the occurrence of prohibited loan recovery methods and practices in the past weeks.
āThe Commission has now permanently delisted Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps āGetloanā and āCamelloanā.
āFCCPC has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to the companies.
āThe Commission reiterates that this revocation and action are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators,ā he said.
Irukera said the commission would forward all information and evidences with respect to the two companies activities to law enforcement agencies and other regulators for appropriate action.
He therefore warned consumers against dealing with the two de-listed loan companies.
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