FCCPC Moves To Cleanse Unwholesome Debt Collection By Loan Apps

The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission, FCCPC, Dr Adamu Abdullahi, says there is no going back on regulating digital money lenders in the country.

Abdullahi disclosed this during a recent interview with Channels Television.

He stated that the commission was committed to unveiling new regulations for digital money lenders, which would cleanse the sector of illegal lenders and unwholesome debt collection practices.

According to him, the commission collaborates with other government agencies such as the Central Bank of Nigeria, the Data Commission and anti-graft bodies to enhance its role in protecting Nigerian consumers.

“All the investigations regarding the loan apps and all the regulations developments were done with me as part of the team. Therefore, nothing stops our continuity in that respect. We will develop the additional regulatory requirements that are needed.

“What we want to do is to ensure that the consumer’s interests are protected. We are working on this project along with the CBN, which has Nigeria’s core finance competence. Of course, the Data Protection Commission and the EFCC and ICPC are also there”, he said.

Recall that the former boss of FCCPC, Babatunde Irukera, who championed the regulation against loan apps, was relieved of his duty earlier in January this year.