Sycamore Integrated Solutions Limited, a registered digital money lender, has been accused by the Federal Competition and Consumer Protection Commission (FCCPC) of engaging in illegal practices through an app called “Get Loan.”
However, Sycamore denies these claims and asserts that the FCCPC’s investigation lacked thoroughness and proper communication with them.
According to a statement released by Sycamore to Technext, they state that they are not involved in the alleged illegal practices and have no affiliation with the “Get Loan” app.
The only app owned and operated by Sycamore is the “Sycamore” app. After conducting its investigation, Sycamore found that the “Get Loan” app was uploaded to the Google Play Store under a different entity’s name and was not associated with their company.
Sycamore has been cooperating with relevant authorities, including the FCCPC, to identify and address the impostor responsible for the deceptive practices.
The company reassures its customers of continuing top-notch service and integrity, emphasizing its compliance with all necessary legal requirements to ensure customer protection and data security.
The Backstory of Sycamore’s Alleged Distance to Get Loan App
The FCCPC recently delisted two registered digital loan apps, including Sycamore’s “Get Loan” app, for allegedly harassing Nigerians and using illegal and unregulated means to recover money.
However, it appears there might have been a mix-up in linking Sycamore’s app to the “Get Loan” app.
Upon further investigation, it was revealed that the “Get Loan” app claiming to be offered by Sycamore was owned by Edmond Solutions, and its contact address was confirmed to be fake.
The legitimate Sycamore app, the only one associated with the company, was released in March 2023 and complies with the regulations.
The “Get Loan” app has been removed from the Google Play store following the FCCPC’s directives to delist loan apps found to be operating against the legal framework and regulations for digital lenders in the country.
Sycamore commits to keeping its customers updated on their efforts to resolve the issue and promises to cooperate with law enforcement and security organizations to prosecute the impostor behind the unauthorized app.
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