FG Promises to Penalize Online Banks for Privacy Violations.

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Customers of digital lenders have been promised by the federal government through the Federal Competition and Consumer Protection Commission that they will be protected from the shoddy collection practices used by these lenders.

Customers would no longer be subjected to abusive and other types of undesirable debt recovery techniques, it declared, and it issued a warning that any lenders who disobeyed government regulations would be liable to regulatory penalties.

This is because as of April 8, 2023, there were 178 loan applications that had been authorized nationwide.The government praised Google’s recent privacy changes and reaffirmed its dedication to protecting lenders.

Due to several privacy issues they have raised, loan apps won’t be able to access users’ personal information after May 31, 2023.

It stated that the policy was consistent with its position and resolve as access to those details is intrusive and violates consumer privacy. According to its new ‘The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022’ published on April 8, there are now 178 approved loan apps in the country.

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