Sycamore Integrated Solutions Limited, one of the registered digital money lenders allegedly engaging in illegal practice through another app by the Federal Competition and Consumer Protection Commission (FCCPC), has described the Commission’s claim as inaccurate.
In a statement released to Technext, the digital lending platform claims the FCCPC did not carry out a thorough investigation and establish a proper channel of communication with them before moving ahead to link them with the Get Loan app, which they claim was an impersonator. According to the statement, the only app it owns and operates with is the ‘Sycamore’ app.
The statement reads:
“Sycamore Integrated Solutions Limited (SycamoreNG) categorically denies that it is involved in the practice that has been alleged and is not, in any way involved or, in any manner or form, with the app, “Get Loan” which we only became aware of, following the report in the news by the FCCPC.”
“We state unequivocally that Sycamore Integrated Solutions Limited has no affiliation with the entity “Get Loan” and their actions are in no way associated with our company. The only app owned by us is “Sycamore”
After conducting its investigation, the platform discovered that the aforementioned app was uploaded to the Play Store under a different entity’s name. Furthermore, it claims that neither the FCCPC nor anyone else contact them for confirmation or ever opened the app. They assert that if this had been done, the evidence would have been apparent and obvious.
“Our preliminary investigations suggest that the “Get Loan” was put on the Google Play store by a completely different entity while seeking to ride on the name and good reputation of Sycamore Integrated Solutions Limited.
“Since being made aware of this situation, we have been in active cooperation with the appropriate authorities, including the FCCPC, to identify and address the imposter responsible for these deceptive practices“, it added.
The company has since assured its customers of its continuity and accountability to regulation. The firm promised to enhance its customer support services, secure verification processes, collaborate with the authorities and carry out public awareness against fraudulent activities.
“We, however, assure all our esteemed customers and users of continuing top-notch service and integrity they have always known Sycamore for, as the protection of our users and customers remains our top priority. As a regulated money lender, we comply with all necessary legal requirements, including those set forth by the FCCPC, to ensure the highest standards of customer protection and data security”, Sycamore said.
Read also: FG delists 2 registered loan apps for harassment, vows more clampdowns
FCCPC delisting: The Sycamore and Get Loan app story
On Friday, Technext reported that Federal Competition and Consumer Protection Commission (FCCPC) delisted two registered digital loan apps from the Google Play Store for harassing Nigerians. It stated that it came to this decision after investigating the apps.
The two apps were Sycamore Integrated Solutions Limited, Orange Loan, and Purple Credit Limited, along with their respective apps — Getloan and ‘Camelloan.’
According to its investigation and findings, the FCCPC noted that the apps were found to be using duplicitous measures to recover their money, thereby harassing Nigerians. It also said that the apps used Android Package Kits (APK) to attract borrowers to the app, a process and practice that is illegal and unregulated.
“In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”
FCCPC
The commission also declared that it would publish a list of the country’s illegal (unregistered) digital lending platforms. According to it, for their own safety, Nigerians should be aware of the country’s certified digital lenders list.
However, it seems there might have been some hastiness in linking Sycamore Integrated Solutions’ digital lending platform to the Get Loan app.
What we have confirmed
As first reported by benjamindada.com and confirmed by Technext, there is a “Get Loan” app on the Google Play store with a description claiming that it is offered by Sycamore Integrated Solutions Limited and was released in July 2022. But a detailed expansion and second look revealed that the app is owned by Edmond Solutions with its contact address as No.6 Off Galadima Kyari Drive, Mai Deribi Building Maiduguri, Borno state.
The address has since been confirmed to be fake and lacking in Google Maps.
We can also confirm that, unlike the Get Loan app, the Sycamore app which is adjudged the platform’s only app, was released in March 2023 and was last updated on July 17, 2023.
The Get Loan app has since been removed from the Google Play store, as directed and released by the FCCPC in compliance with its earlier statement to clampdown and delist loan apps found going aboard the legal framework and regulations for operating as a digital lender in the country.
According to Sycamore, it would update its customers on the status of its efforts to solve the issue over the next few days. It will continue to operate in accordance with the rules and regulations that have been made clear to guide it, and it will cooperate with the relevant law enforcement and security organisations to prosecute the impostor.
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