The FCCPC promises to crack down on loan applications that default due to noncompliance

The committee observed that the loan apps have turned to unethical methods of debt recovery in violation of the established laws.Regretfully, the Federal Competition and Consumer Protection Commission (FCCPC) has expressed dissatisfaction over the proliferation of new lending applications that persist in harassing users in defiance of its restrictive temporary regulatory/registration framework and policies.In a statement, Dr. Adamu Abdullahi, the acting Executive Vice Chairman and Chief Executive Officer of the commission, stated that the body had observed an increase in the number of violations that the various loan apps had been committing as a result of Nigerians using these apps to make ends meet.