Nigeria has over 70 online lending apps- FCCPC
The Federal Government has said there are about 70 to 90 online lending apps currently operated by various firms in Nigeria.
The Executive Vice Chairman, federal Competition and Consumer Protection Commission, Babatunde Irukera, made the disclosure in Lagos of Thursday, during a collaborative engagement with the media to review and analyse the state of the market.
He said some of the online apps were legitimate while others were operating illegally.
“Not all the online apps are illegal. Some are completely illegitimate, some are legitimate but illegitimate in their approach to tracking debtors. we are against the illegitimate works”, Irukera said.
The FCCPC boss urged companies to be responsible and responsive to customer care services.
According to him, the government is more accessible and easier to find than private individuals because individuals want to make a profit.
Industry must prioritize responsiveness and responsibility to their customers. Customers responsiveness is a core to business and FCCPC owes this as a responsibility”.
He said the media is critical infrastructure in the constitution obligation of the government to protect the consumer’s interest.
“What we intend to achieve is to educate people of their rights”, he said.
