FCCPC Records Reduction in Illegal Digital Money Lending Complaints

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC) claims to have seen a significant reduction in the number of consumer complaints about illegal digital money lending activities.

Mr. Babatunde Irukera, the Executive Vice-President of the Commission, said so on Wednesday via the Commission’s Twitter account.

Irukera attributed the reduction in complaints to the enforcement undertaken by the FCCPC joint task force.

“I agree that certain activities of digital money lending institutions have destroyed relationships, whether professional or personal, and that is why we are doing everything we can.

“I will be the first person to agree that there is a problem there.

“The messages are still coming in, the harassment is still coming in, but frankly we’ve been tracking this for a while,” he added.

The FCCPC boss said complaints were the lowest recorded in the past two years, following several enforcement actions launched by the commission.

“This is the lowest for two years. From March that we started this application; there was a significant reduction.

“I will say that after our application last month, we counted probably less than 25% looking at the follow-up of complaints that have come in.

“But 25% is not that, we will continue doing what we are doing, even adding more,” Irukera said.

He said the task force would continue to put safeguards in place and make it difficult for loan shark businesses.

“Wherever we find their bank accounts, we lock them, whatever apps they use, we go to Google, we delete them,” Irukera said.

He said that in accordance with the commission’s order, Google took down more than 70 apps and the FCCPC locked more than 60 bank accounts.

The executive vice president said Flutterwave also took down a dozen apps.

Irukera called on members of the public to send complaints about illegal money lending activities to [email protected] (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

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