FCCPC delists two registered loan apps using multiple channels to harass borrowers

The Federal Competition and Consumer Protection Commission (FCCPC), says it has delisted two digital money lenders (DMLs), Sycamore Integrated Solutions Limited and Purple Credit Limited who were discovered to be using the backdoor to harass customers.

The FCCPC said it has substantial evidence that these lenders that are part of the companies approved by the Commission and with their apps on the Google Play Store are engaging in the use of other links to attract borrowers in order to continue their illegal practices of defaming their customers.

FCCPC in a statement signed by its chief executive officer, Babatunde Irukera said nature of the duplicity is that the DMLs having been approved and placed on the approved list and Playstore, as well as cleared for services by other financial services/institutions, as an alternate channel, and method of engaging in prohibited conduct, also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.

“The companies or apps so far identified, and for which there is supporting evidence of this malfeasance are Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.

“They are the owners of “Getloan” and “Cameloan” respectively, and occupy Nos. 1 and 65 on the Approved List of the Commission, which is available on the Commission’s website.”

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Based on these findings, Irukera said the Commission has now permanently delisted the two companies along with their respective apps “Getloan” and “Cameloan”.

In addition, he said the Commission has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to Sycamore Integrated Solutions Limited and Purple Credit Limited.

While noting that the revocation and action are permanent without option or opportunity of reconsideration, he said the same consequence would apply to all other violators as the Commission discovers them.

He added that the information and evidence available with respect to the two companies’ businesses would be transferred to law enforcement agencies and or any other relevant regulator(s).

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Irukera also confirmed that many unregistered loan apps that have been deleted from the Google Play Store have also continued to operate outside the platform by using Android Package Kits (APK) file formats, which provide links directly to prospective customers.

“The Commission’s investigations and continuing surveillance demonstrate that the vast majority of the resurging infringements are not by otherwise approved/listed DMLs approved to be on Playstore and other financial services providers.

“The violating DMLs have resorted to the use of Android Package Kits (APK) file formats. The illegal DMLs provide links to consumers to visit unregistered websites using their Android devices/phones. In the course of that interaction, consumers’ private information that is otherwise protected and prohibited from access or download by DMLs or their apps is accessed and downloaded,” he said.