Loan App Denies Illegal Practices as FG Delists Digital Money Lending Platforms
- Sycamore Integrated Services Limited, a loan has protested delisting by FCCPC
- The company said it is not innocent of the allegations of embarking on illegal activities by FCCPC
- It said it is not associated with the ‘Get Loan’ app found on Google Store as it was put there by another entity
Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
A digital money lending app, Sycamore Integrated Solutions Limited, has debunked allegations of engaging in unlawful practices considered illegal by the Nigerian government.
According to reports, the Federal Competition and Consumer Protection Commission (FCCPC) updated its registered and approved digital money lenders list to avoid illegal practices.
Source: UGC
FCCPC lists delisted loan apps from store
The FCCPC, in its review, delisted Sycamore Integrated Solutions Limited and Purple Credit Limited after the findings identified the firms as culprits of illegal operations.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
The Commission said the companies used Android Package Kits (APK) to lure unsuspecting borrowers, a practice considered illegal and unregulated by the agency.
On Friday, July 21, 2022, SycamoreNG denied involvement in unlawful practices as alleged by FCCPC.
The company said it is not affiliated in any way, manner, or form with the app ‘Get Loan,’ which it became aware of after the FCCPC report.
The company said:
“We state unequivocally that Sycamore Integrated Solutions Limited has no affiliation with the entity ‘Get Loan,’ and their actions are in no way associated with our company. The only app owned by us is “Sycamore.”
“Our preliminary investigations suggest that ‘Get Loan’ was put on the Google Play store by a completely different entity while seeking to ride on the name and good reputation of Sycamore Integrated Solutions Limited.
“We assure all our esteemed customers and users of continuing top-notch service and integrity they have always known Sycamore for, as the protection of our users and customers remains our top priority.”
The company said it would cooperate with the appropriate authorities, including the FCCPC, to identify and address the imposter responsible for these deceptive practices.
“As a regulated money lender, we comply with all necessary legal requirements, including those set forth by the FCCPC, to ensure the highest standards of customer protection and data security,” SycamoreNG added.
“We are even more committed to maintaining an environment of transparency and accountability in all our operations.”
Sycamore promised to boost its customer services, secure the verification process, partner with the authorities and embark on public awareness against fraudulent activities.
FG releases updated list of approved digital money lenders and banks in Nigeria, adds popular names
Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has released a new list and added about 173 companies approved to operate as loan apps and digital money lenders.
The development follows the March 27, 2023, deadline given by FCCPC for registering the companies.
About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfil other terms and conditions set by the Commission, a Nairametrics report said.
Source: Legit.ng
