Loan app: Sycamore distances self from controversial ‘Get Loan’ app

Sycamore Integrated Solutions Limited, one of the registered digital money lenders alleged to be engaging in illegal practice through another app by the Federal Competition and Consumer Protection Commission (FCCPC), has described the Commission’s claim as untrue.

Recall that the FECCPC had in a statement carried by National Daily on Thursday said that its investigations revealed that two of its approved digital lenders, Sycamore Integrated Solutions Limited and Purple Credit Limited, were using other apps to engage in prohibited conducts.

According to the Commission, the two companies were behind “Getloan” and “Cameloan” respectively.

Reacting to the report, Sycamore Integrated Solutions Limited, in a statement released on Friday said it has nothing to do with “Get Loan” the loan app alleged to belong to Sycamore, according to the FCCPC report.

The company said the only app it owns and operates with is the ‘Sycamore’ app.

Sycamore said it has also investigated and found that the said app was put on the Play Store by a completely different entity riding on its name.

It added that it is currently working with security agencies and the FCCPC to fish out those behind the ‘Get Loan’ app.

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

“Sycamore Integrated Solutions Limited (SycamoreNG) categorically denies that it is involved in the practice that has been alleged and is not, in any way involved or, in any manner or form, with the app, “Get Loan” which we only became aware of, following the report in the news by the FCCPC.

“We state unequivocally that Sycamore Integrated Solutions Limited has no affiliation with the entity “Get Loan” and their actions are in no way associated with our company. The only app owned by us is “Sycamore”.

“Our preliminary investigations suggest that the “Get Loan” was put on the Google Play store by a completely different entity while seeking to ride on the name and good reputation of Sycamore Integrated Solutions Limited.

“We, however, assure all our esteemed customers and users of continuing top-notch service and integrity they have always known Sycamore for, as the protection of our users & customers remains our top priority.

READ ALSO: FCCPC warns digital lenders harassing debtors

 “As a regulated money lender, we comply with all necessary legal requirements, including those set forth by the FCCPC, to ensure the highest standards of customer protection and data security. We are even more committed to maintaining an environment of transparency and accountability in all our operations.”

It added that it is also continually reviewing and improving its verification procedures to prevent any potential identity theft or fraud attempts on our customers while collaborating with law enforcement agencies and the FCCPC in their investigations to bring the imposter to justice.

“We are hopeful that the Federal Consumer Protection Commission (FCCPC), upon completion of its investigation, will make public its findings, which we are confident will confirm our position that Sycamore Integrated Solutions Limited is not in any way associated with this app or the activities alleged,” the company added.