Loan Sharks’ Days Numbered As FCCPC Targets Apps Harassing Customers

• Harassment of customers by loan apps to be addressed
• Inter-agency collaboration to block offending platforms
• Strict measures to protect consumer rights

Eko Hot Blog reports that the Federal Competition and Consumer Protection Commission (FCCPC) is taking decisive action against loan apps notorious for harassing customers.

Moreover, the commission’s acting chairman, Adamu Abdullahi, revealed the agency’s plans to eradicate these predatory practices.

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In an interview with BBC, Abdullahi stated, “It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.”

However, he acknowledged the problem, saying, “If they don’t pay back on time, some of these loan companies send unpleasant messages with their picture to all their contacts.”

The FCCPC recognizes the gravity of the situation, as Abdullahi explained, “This harassment has caused many problems in Nigeria, as some people even lose their jobs because of embarrassment and disgrace.”

Consequently, the commission is taking a firm stance, asserting, “We do not agree with that kind of practice because customers are being harassed, even though it’s not directly our problem.”

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In a collaborative effort, the FCCPC has joined forces with the Central Bank of Nigeria (CBN), NITDA, EFCC, and the Human Rights Commission. Together, they have formed a committee to tackle this issue head-on.

Furthermore, Abdullahi revealed, “Since we found out that they operate online and have no physical offices or managing directors, we approached Google and Apple stores to take down all their Apps. We also coordinated with the CBN to block all their accounts.”

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