FCCPC Shuts Down Two Loan Companies For Harassing And Defaming Customers

Sycamore Integrated Solutions Limited and Purple Credit Limited owners of “Getloan” and “Cameloan” known for using backdoor channels to harass customers all in the name of 'loan recovery' have been delisted by The Federal Competition and Consumer Protection Commission (FCCPC).

The FCCPC in a statement signed by Babatunde Irukera, the commission's C.E.O, said it has enough evidence that these Digital Money Lenders (DML) despite being approved by the Commission to offer services in finance and also run their loan apps on the Google Play Store together with numerous unregistered apps result to the use of external links and Android Package Kits (APK) to woo borrowers so as to continue illegal acts of smearing the images of their customers.

SEE ALSO: FULL LIST OF APPROVED LOAN COMPANIES

“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.”

Babatunde Irukera C.E.O FCCPC 

In the light of this discovery, Irukera said the Commission has not only delisted the two companies Sycamore Integrated Solutions Limited and Purple Credit Limited along with their respective apps “Getloan” and “Cameloan” permanently, but has also issued a notice to Google Playstore and other payment platforms to disallow any collaboration with these two companies and would see to it that the law takes its full course. 

“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.