Consumer Right Violation: FCCPC to clamp down on online money lenders
The Federal Competition and Consumer Protection Commission (FCCPC), the joint committee addressing violations of consumer rights in the Online money lending industry would shut down illegal firms as soon as its enforcement begins.
The enforcement will begin shortly, according to Mr. Babatunde Irukera, the FCCPC’s Chief Executive Officer, who told the News Agency of Nigeria (NAN) in Abuja on Sunday.
Representatives from the FCCPC, the Central Bank of Nigeria (CBN), and the Economic and Financial Crimes Commission made comprised the joint committee, according to NAN (EFCC).
The National Information Technology Development Agency (NITDA) and the National Human Rights Commission are also members of the group (NHRC).
According to Irukera, the group will also write interim norms that money lending companies must follow.
The joint committee is meeting and agreeing on how to proceed but I can say that two of the entities of the joint committee will be going on the field and doing enforcement work now, very shortly.
“They will be closing down businesses and engaging App stores to shut down certain applications that are infringing and abusive.
`We are also going to be writing interim regulations and some basic information for all these money lenders to provide information so that people will know who they are.
“Some of them are just Apps that we do not even know who the promoters are.
“So, we are going to provide certain frameworks for them to comply with before doing business, ‘’ he explained.
Irukera said the commission was working on a Memorandum of Understanding (MoU) with the National Insurance Commission to address the growing number of consumer complaints regarding insurance company services (NAICOM).
We expect more industry-wide initiatives in that arena after MoU is completed early next year, according to him.
“We get a lot more complaints about the insured who have paid their premium and are not been settled and so, we are engaging NAICOM on that’’.
