The Federal Competition and Consumer Protection Commission (FCCPC) has taken action against two digital money lenders, Sycamore Integrated Solutions Limited and Purple Credit Limited, for using deceptive tactics to harass customers. These lenders were found to be engaging in illegal practices, using backdoor methods to attract borrowers and defame their customers.

According to FCCPC’s statement, the lenders were initially approved and listed on the Google Play Store as legitimate companies. However, they resorted to using other links and APKs to engage in prohibited and unregulated practices, leading to their delisting from the approved list of DMLs.

“The companies or apps so far identified, and for which there is supporting evidence of this malfeasance are Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.

“They are the owners of “Getloan” and “Cameloan” respectively, and occupy Nos. 1 and 65 on the Approved List of the Commission, which is available on the Commission’s website.”

Based on these findings, Irukera said the Commission has now permanently delisted the two companies along with their respective apps “Getloan” and “Cameloan”.

In addition, he said the Commission has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to Sycamore Integrated Solutions Limited and Purple Credit Limited.

While noting that the revocation and action are permanent without option or opportunity of reconsideration, he said the same consequence would apply to all other violators as the Commission discovers them.

He added that the information and evidence available with respect to the two companies’ businesses would be transferred to law enforcement agencies and or any other relevant regulator(s).

Irukera also confirmed that many unregistered loan apps that have been deleted from the Google Play Store have also continued to operate outside the platform by using Android Package Kits (APK) file formats, which provide links directly to prospective customers.

“The Commission’s investigations and continuing surveillance demonstrate that the vast majority of the resurging infringements are not by otherwise approved/listed DMLs approved to be on Playstore and other financial services providers.

“The violating DMLs have resorted to the use of Android Package Kits (APK) file formats. The illegal DMLs provide links to consumers to visit unregistered websites using their Android devices/phones. In the course of that interaction, consumers’ private information that is otherwise protected and prohibited from access or download by DMLs or their apps is accessed and downloaded,” he said.

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