The Federal Competition and Consumer Protection Commission (FCCPC) has announced the extension of the deadline for the registration of online money lenders.
The FCCPC has in recent times put a lot of focus on the activities of these online lenders especially the illegal ones, over allegations of rights violations, and unfair practices, among others.
This disclosure is contained in a statement issued by the Chief Executive Officer, Babatunde Irukera, on Friday in Abuja, where he noted that the deadline of 90 days expired on November 14.
Irukera said the commission considered that some online money lenders were still in the process of their registration and extended the deadline to January 31, 2023.
OBSERVERSTIMES recall that the, FCCPC boss said, ”On Aug. 18 in furtherance of the collaboration of the Inter-Agency Joint Task Force, the FCCPC conducted enforcement actions in Lagos with respect to certain DMLs.
In view of the desire to promote fair, transparent, and beneficial alternative lending opportunities, the Joint Task Force (JTF) established a mutually adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
Subsequently, the commission commenced the registration of DMLs.
By an Order and Notice of the Commission on Aug. 17, existing DMLs were required to comply in not later than 90 days to confirm their business is uninterrupted.
The commission has also created a publicly accessible list of the DMLs that have been granted approvals/conditional approvals.’’
The CEO said the list of DMLs gave approval would be updated regularly and could be accessed here