It has been announced by The Federal Competition and Consumer Protection Commission (FCCPC) that a joint committee which would tackle companies that operate illegally and those harassing customers has been established.
The announcement was made by the FCCPC Chief, Mr Babatunde Irukera recently in Abuja.
According to Irukera, the team is made up of representatives of FCCPC, Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), National Information Technology Development Agency (NITDA) and National Human Rights Commission (NHRC).
The committee has been saddled with the responsibility of coming up with rules money lending companies must obey.
They will close down businesses and liaise with App stores to shut down applications that are infringing and abusive.
Irukera said: “We are also going to be writing interim regulations and some basic information for all these money lenders to provide information so that people will know who they are.
“Some of them are just Apps that we do not even know who the promoters are. We are going to provide certain frameworks for them to comply with.‘’
While addressing complaints about insurance companies’ services, Irukera said a Memorandum of Understanding (MoU) with the National Insurance Commission (NAICOM) was underway.
He gave early 2022 as the time frame to deliver the bilateral agreement.
