FCCPC Calls For Law Against Illegal Digital Finance Companies

The Federal Competition and Consumer Protection Commission (FCCPC) has called for laws guiding digital banking operations to rid the sector of unlicensed operators endangering the lives of Nigerians.

FCCPC Executive Vice President Babatunde Irukera at a World Consumer Rights Day summit in Abuja said that the lack of laws in place prevents him from protecting Nigerians against abuses. risks associated with the sector.

Irukera said the raid led to the confiscation of 119 laptops, eight cell phones and a hard drive which were used to harass loan defaulters, leading many to face depression, and some committed suicide because they could not withstand the backlash of the actions of the operators.

He said: “Some of these operators are not registered with the Central Bank of Nigeria (CBN) so we need to look at how we can bring them into our regulatory framework so that we can force them to book. Otherwise, there is nothing we can do as an agency to clean them up and prosecute them. With this, Nigerians will continue to fall prey to their gadgets.

CBN Governor Godwin Emefiele noted that with the fluidity of digital financial transactions and the integration of more Nigerians into the financial sector, this has exposed Nigerians to high risk of fraud.

Represented by its consumer protection director, Rasheeda Monguno, Emefiele said the apex bank was working on a regulatory framework that would protect consumers from online lenders.