FCCPC has extended the registration deadline for online money lenders

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FCCPC


The Federal Competition and Consumer Protection Commission (FCCPC) announced the extension of the registration deadline for online money lenders.

The FCCPC in recent times has placed a lot of attention on the activities of online lenders especially illegal ones, on allegations of rights violations, and unfair practices, etc.

This disclosure was contained in a statement issued by the Chief Executive Officer, Babatunde Irukera, on Friday in Abuja, where he noted that the deadline of 90 days expired on November 14.

The FCCPC has extended the deadline to January 31

Irukera said the commission considered that some online money lenders are still in the process of their registration and extended the deadline until January 31, 2023.

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  • The FCCPC boss said, “On August 18 in continuation of collaboration with the Inter-Agency Joint Task Force, the FCCPC conducted enforcement actions in Lagos regarding some DMLs.
  • “Due to the desire to promote fair, transparent, and profitable alternative lending opportunities, the Joint Task Force (JTF) has established an adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
  • “Subsequently, the commission started the registration of DMLs.
  • “Through an Order and Notice of the Commission on August 17, existing DMLs must comply within 90 days to confirm that their business is uninterrupted.
  • “The commission also makes a publicly accessible list of DMLs that have been granted approvals/conditional approvals.”

The CEO said that the list of DMLs granted permission will be updated regularly and will be accessible HERE

For the records

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  • Recall that on March 11, the Federal Government in a raid through its joint committee investigating rights violations and unfair practices closed down some illegal online money-lending banks for not registration with the Corporate Affairs Commission (CAC) and engaging in activities against Consumer rights in Nigeria.
  • These online banks charge interest rates that violate the ethics of how lending is done and involve naming and shaming as a violation of people’s privacy about how these lenders recover loans, and other violations.

The FCCPC recently released a limited interim regulatory and registration framework for digital lending as they work on a more comprehensive framework to guide the operations of digital lenders in Nigeria. The Commission has developed a registration form to be completed and submitted by those operating in the digital lending industry.

The 2 major issues that the FCCPC seeks to address in this framework are unethical interest rates and violation of consumer privacy and other unscrupulous lending practices by unregulated moneylenders. digital.

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