damu Abdullahi, the Acting Executive Vice Chairman
and Chief Executive Officer of the Federal Competition
and Consumer Protection Commission (FCCPC), has
announced the commission’s intention to take action against
violators in the digital lending sector.
FCCPC moves against digital
lending violators
Franca Ochigbo, Abuja February 5, 2024
He emphasized that the FCCPC will persist in its investigation
and monitoring efforts concerning digital money lenders
across the country.
In a statement issued by the Acting Executive Vice Chairman,
it was highlighted that the FCCPC has observed a surge in
violations of the Interagency Joint Task Force’s Limited,
Interim Regulatory/Registration Framework and Guidelines for
Digital Lending 2022.
He said: “The Commission understands the increased demand
for loans during this time of the year, leading to an increased
risk of default due to large numbers and typical cash flow
challenges and constraints. However, the solution cannot be
to violate the law or utilize unethical recovery methods, as
such, the Commission is intensifying enforcement efforts and
adopting a zero-tolerance stance towards any exploitation of
consumers or abusive conduct, whether in balance
calculations, loan default enforcement, or recovery processes.
Seun Myndd44, nlpfm please push to the front page

BigBlackPreek:
damu Abdullahi, the Acting Executive Vice Chairman
and Chief Executive Officer of the Federal Competition
and Consumer Protection Commission (FCCPC), has
announced the commission’s intention to take action against
violators in the digital lending sector.
FCCPC moves against digital
lending violators
Franca Ochigbo, Abuja February 5, 2024
He emphasized that the FCCPC will persist in its investigation
and monitoring efforts concerning digital money lenders
across the country.
In a statement issued by the Acting Executive Vice Chairman,
it was highlighted that the FCCPC has observed a surge in
violations of the Interagency Joint Task Force’s Limited,
Interim Regulatory/Registration Framework and Guidelines for
Digital Lending 2022.
He said: “The Commission understands the increased demand
for loans during this time of the year, leading to an increased
risk of default due to large numbers and typical cash flow
challenges and constraints. However, the solution cannot be
to violate the law or utilize unethical recovery methods, as
such, the Commission is intensifying enforcement efforts and
adopting a zero-tolerance stance towards any exploitation of
consumers or abusive conduct, whether in balance
calculations, loan default enforcement, or recovery processes.
Seun Myndd44, nlpfm please push to the front page

most of those online loan company are thieves that's why there are many defaulters.