CEM REPORT, FINTECH | Following its recent clamp down on loan apps exploiting people, the Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of ‘MyCashier’ as a financial technology (Fintech) licensed non-bank lending financial institution.
The approval came after ‘MyCashier’ operated by Fast-Point Integrated, completed the mandatory FCCPC registration of money lenders to the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022.
The fintech also passed the investigation by the Inter-Agency Joint Task Force on Digital Lending Apps.
Commenting on the development, the Head of Marketing and Communications, Fast-Point Integrated, Olanike Adenuga said: “At Fast Point we adhere to good corporate governance practice, ensuring the security of investments and this has made us one of the most reliable and trusted financial institutions in Nigeria.
“This approval further demonstrates our commitment to our mission to empower our customers to be financially smart by providing easy loans and other financial services to meet their financial objectives. We believe that access to affordable loans and other financial services is a fundamental human right. A strong step we have taken to achieve this is to build MyCashier.”
Recall that CEM reported that the Federal Competition and Consumer Protection Commission (FCCPC) had recently shut down several loan apps for their illegal and outrageous interest rates and invasion of privacy of its clients.
Loan apps have been known to send defamatory messages to contacts on clients contact lime on their phones informing them of loans that have not been paid in an embarrassing manner
Also, CEM reported on the recent action of Google to remove permission-granted loan apps to access customers’ contact lists. The regulation will take effect by May.
The tech company had early also said loan apps will be required to present documentation of approval bodies authorised before their apps will be hosted on its store.
The FCCPC on the other hand has said the objective of the framework was to enhance transparent, fair, and beneficial alternative lending options in Nigeria. The criteria used in granting the approvals include legitimacy; compliance with applicable regulatory requirements; lawful source of funds and conformity with anti-money laundering and data protection laws.