FCCPC Says Joint Committee Has Started Investigating Money Lending Fintechs – Nairametrics

The Federal Competition and Consumer Protection Commission (FCCPC) says the joint regulatory and enforcement committee to investigate rights violations and unfair practices in the money-lending industry has started its investigations.

The committee, which has received more than 500 emails and information regarding the investigation, is reportedly leading efforts to address the multiple potentially questionable behaviors of some money lenders, also known as loan sharks.

According to NAN, this was made known by the director general of the FCCPC, Mr. Babatunde Irukera, during an interview on Monday in Abuja.

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What the CEO of FCCPC says

Irukera said that with offenses already established in some of the cases, law enforcement will be initiated by at least two of the agencies depending on the scope of law enforcement operations.

He said, “Yes, the investigation has started. All the agencies involved are currently exchanging information and collecting more. We received approximately 500 additional emails on the dedicated platform created to collect information as part of the survey.

“The modalities include key agents from the agencies who meet on the basis of the joint investigative framework already developed and being analyzed. Others that will continue as part of the investigation require additional information which is obtained by both direct and indirect means. ”

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In case you missed it

Recall that about 2 weeks, the federal government moved to verify some of the illegal, unhealthy and unfair practices in the money lending industry with the establishment of a joint committee to remedy the situation.

The Joint Investigative Committee, which will be coordinated by the Federal Competition and Consumer Protection Commission (FCCPC), has other members including the Central Bank of Nigeria (CBN), the Financial and Economic Crimes Commission (EFCC), the Independent Commission on Corrupt Practices (ICPC). ) and the National Information Technology Development Agency, which are to investigate the violation of rights in the money lending sector.

The boss of the FCCPC regretted that the act quickly became a dominant and abusive practice targeting some of the most vulnerable people in society.

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