The Federal Competition and Consumer Protection Commission has announced plans to block loan apps that harass their customers.
According to The PUNCH, the move comes after numerous complaints from Nigerians who have been subjected to harassment by these loan apps.
Acting Chairman, Adamu Abdullahi, stated that the agency is taking action to address the issue, saying, “The era of online platforms, popularly known as loan sharks, will soon be a thing of the past in Nigeria.”
This development follows an investigation by the Nigeria Data Protection Commission into over 400 cases of privacy breaches involving online loan apps.
The NDPC found that these apps are “overly intrusive” and violate data protection and privacy principles by accessing users’ contacts, pictures, messages, and other personal information.
The NDPC is seeking a ban or restriction on mobile numbers used by lenders to breach customers’ privacy.
The FCCPC’s move to block harassing loan apps is a welcome relief for many Nigerians who have fallen victim to these predatory lending practices.
