FCCPC Threatens Sanctions as Loan Apps Continue to Harass, Blackmail Customers [Video]

• Loan app owners in Nigeria have continued to harass their customers and their contacts despite warnings by the FCCPC
• The FCCPC, through its acting chairman, has stated that steps are being taken to tackle this issue and sanction defaulters
• The commission reiterated its commitment to ensure legal and ethical operations in digital lending

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.

The Federal Competition and Consumer Protection Commission has announced its intention to take action against loan apps that engage in customer harassment.

According to the commission, numerous complaints have been received from Nigerians regarding the harassment tactics employed by these loan providers.

This follows several efforts by the FCCPC to register and approve legal loan apps with proper guidelines for operations.

The commission had also asked …