New Regulation for Loan Apps is Non-Negotiable, Says Acting FCCPC Boss
The current Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, affirmed the Commission’s commitment to crafting a new regulatory framework for loan apps.
Despite the removal of former FCCPC leader Babatunde Irukera, Abdullahi, who previously served as the Head of Operations, shared during a live interview on Channels TV that he was involved in prior investigations and regulatory development.
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He emphasized continuing the efforts initiated by Irukera to address the increasing indebtedness to loan apps, ensuring consumer protection.
Abdullahi highlighted collaborations with entities like CBN, Data Protection Commission, EFCC, and ICPC, aiming to create a secure environment for the operation of loan apps.
Notably, the FCCPC’s successful identification of companies behind the apps through Interim Regulation was highlighted, addressing issues of anonymity and potential harassment associated with loan app practices.
Abdullahi acknowledged the crucial role of loan apps in the economy but emphasized the need for a balanced approach to protect consumers from undue hardships during the loan repayment process.
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