The Federal Competition & Consumer Protection Commission, FCCPC has permanently delisted Sycamore Integrated, Orange Loan, and Purple Credit as approved Digital Mobile Lenders (DMLs), popularly called loan sharks.
The Executive Vice Chairman of FCCPC, Babatunde Irukera, in a statement yesterday, said the decision followed the alleged involvement of the loan sharks in fraudulent practices.
Irukera also said the Commission acted on behalf of the Joint Regulatory and Enforcement Task Force (JRETF), has asked Google to permanently delete the DMLs from PlayStore.
The statement reads further: “The companies or apps so far identified, and for which there is supporting evidence of this malfeasance, are Sycamore Integrated Solutions Limited, and Orange Loan and Purple Credit Limited.
“They own ‘Getloan’ and ‘Camelloan’, respectively, and occupy Nos. 1 and 65 on the Approved List of the Commission, which is available on the Commission’s website.
“Accordingly, the Commission has now permanently delisted Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps – ‘Getloan’ and ‘Camelloan’.
“In addition, the Commission has entered an Order to Google PlayStore and other payment and financial service providers, permanently prohibiting providing any services associated with digital lending to Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.
“The 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 as the Commission discovers them.
“In addition, all the information and evidence available with respect to these businesses will be transferred to law enforcement agencies and or any other relevant regulator(s)”
The 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 as the Commission discovers them.
Recall that FCCPC had established the limited interim regulatory/registration framework and guidelines for digital lending, with an initial expiry date of November 14, 2022.
The Commission said its investigations revealed a resurgence in prohibited loan recovery methods employed by certain DMLs that were using Android Package Kits (APK) file formats to redirect consumers to unregistered websites.
These registered lenders, while appearing on the approved list and Playstore, also used APKs to attract borrowers to illegal and unregulated lending practices for which it found the two loan sharks guilty.
The Commission reiterated its advice to consumers to exercise caution when selecting DMLs, urging them to patronise only those on its approved list, which have undergone regulatory scrutiny, ensuring the safety and privacy of consumers’ information.
The Commission and the JRETF pledged to continue tracking illegal operators employing APKs and other means to interact with consumers, and also encouraged the public to provide credible evidence and report any violations through the designated email address: lenderstasforce@fccpc.gov.ng.
