Nigerian regulator delists two digital money lenders

on Thursday delisted two digital money lenders .

As the initial deadline approached, the commission said it noticed a resurgence in prohibited loan recovery methods employed by certain DMLs. However, as these illegal practices continued, the regulatory body decided to recommence registration for DMLs that had not previously existed during the initial registration period or faced exceptional circumstances leading to their failure to register.

“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,” it said. The regulatory body made it clear that the revocation and actions taken against these violators were irrevocable and would serve as a precedent for dealing with any other violators discovered in the future. Information and evidence on these businesses would also be forwarded to law enforcement agencies and relevant regulators.

Source: News Formal (newsformal.com)

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