FCCPC extends registration deadline for online money lenders - Pegars News | Pegars News


FCCPC extends registration deadline for online money lenders – Pegars News


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

The FCCPC has in latest occasions put rather a lot of focus on the actions of these online lenders particularly the unlawful ones, over allegations of rights violations, and unfair practices, amongst others.

This disclosure is contained in a press release issued by the Chief Executive Officer, Babatunde Irukera, on Friday in Abuja, the place he famous that the deadline of 90 days expired on November 14.

FCCPC extends the deadline to January 31

Irukera mentioned the fee thought-about that some online money lenders have been nonetheless in the course of of their registration and prolonged the deadline to January 31, 2023.

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  • The FCCPC boss mentioned, ”On Aug. 18 in furtherance of the collaboration of the Inter-Agency Joint Task Force, the FCCPC carried out enforcement actions in Lagos with respect to sure DMLs.
  • ”In view of the want to promote honest, clear, and helpful different lending alternatives, the Joint Task Force (JTF) established a mutually adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
  • ”Subsequently, the fee commenced the registration of DMLs.
  • ”By an Order and Notice of the Commission on Aug. 17, present DMLs have been required to comply in not later than 90 days to verify their enterprise is uninterrupted.
  • ”The fee has additionally created a publicly accessible record of the DMLs that have been granted approvals/conditional approvals.’’

The CEO mentioned the record of DMLs gave approval would be up to date frequently and may be accessed right here

For the information

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  • Recall that on March 11, the Federal Government in a raid by its joint committee investigating rights violations and unfair practices shut down some unlawful online money-lending banks for not registering with the Corporate Affairs Commission (CAC) and participating in actions in opposition to the rights of Nigerian customers.
  • These online banks charged rates of interest that violate the ethics of how lending is performed and was concerned in naming and shaming which is a violation of individuals’s privateness with respect to how these lenders recuperate loans, amongst different violations.

The FCCPC just lately launched a restricted interim regulatory and registration framework for digital lending as they labored on a extra complete framework to information the operations of digital lenders in Nigeria. The Commission created a registration type to be accomplished and submitted by these working in the digital lending business.

The 2 main points the FCCPC sought to tackle with this framework are unethical rates of interest and violation of client privateness and different unethical lending practices perpetrated by unchecked digital lenders.

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