“Some Lenders Seek Cooperation with Us” Says FCCPC 

The Federal Competition and Consumer Protection Commission (FCCPC) says some lenders under investigation and whose accounts were frozen has approached the Commission and expressed a desire to cooperate with the agency.

The executive vice president of the FCCPC, Babatunde Irukera, says this in a document signed on behalf of the Joint Regulatory Task Force (JRTF) tackling “loan sharks” in Abuja.

Irukera noted that the Commission will institute criminal proceedings against any digital money lender whose conduct violates existing laws and would also hold the lenders’ employees, collaborators or agents accountable under applicable law for any breaches of conduct.

He says “As a condition for acceptance into the cooperation framework, some of the lenders have been required to desist from contacting, including via text messages, people on contact/third party lists of borrowers or defaulters.

”They are also required to stop abusive, coercive and inappropriate language in communication with defaulters or borrowers.

”Also provide a transparency mechanism regarding loan repayment rates, charges for default or late payment, as well as the calculation of interest to the Commission.

”The mechanism must include an open, accessible and responsive framework for feedback and dispute resolution that complies with fair lending and loan recovery principles.

“The Commission reserves the prerogative to proceed in any manner consistent with applicable law, including, but not limited to, the criminal prosecution of any digital money lender, its employees, collaborators, or agents, whose conduct violates applicable law,” it said. .

FCCPC further appreciated consumers for their diligent cooperation in providing vital and significant information that has thus far assisted the Commission’s investigations.