BMO cheers FG’s decision to bar illegal loan apps operations

The Buhari Media Organisation (BMO) has welcomed the decision of the President Muhammadu Buhari administration to stop online lending apps from harassing Nigerians unnecessarily.

The group said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the approval granted 173 digital lending applications to operate in the country will help sanitise the lending space.

“It is no longer news that a section of Nigerians have over the years been exploited and subjected to ridicule by illegal loan apps after signing on to these apps’ services.

“But this is about to end with the decision of the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), to put an end to the development by approving 173 loan apps.

“The decision to moderate the digital lending space is a welcome one especially as access to credit is one service that is key to financial inclusion.

“It is good to know that apps that are not approved by the Federal Government would be taken off Playstore by Google and be unavailable for downloads.

“We invite Nigerians to know that the move is in line with the demonstrable commitment of the Buhari administration to protect the average Nigerian from exploitation.

“We are hopeful that the regulators will ensure proper enforcement of the necessary laws to ensure that the approved lending apps accord Nigerians seeking their service, the respect they deserve,” the statement added.

BMO also urged the regulators to work closely with service providers to block unapproved apps from remaining in the digital space to con unsuspecting Nigerians.