The commission said this on Thursday. The permanently delisted digital lenders are Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’
It stated that it came to this decision after investigating the apps.
In a statement signed by the Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, the commission said, “In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”
It noted that the firms had also engaged in the use of APK to attract borrowers to a process and practice that is illegal and unregulated.
It added, “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 ‘Camelloan’ respectively and occupy Nos. 1 and 65 on the Approved List of the commission, which is available on the commission’s website.
“Accordingly, the Commission has now permanently delisted Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps — ‘Getloan’ and ‘Camelloan.’ In addition, 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 Orange Loan and Purple Credit Limited.”
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