One of the listed digital money lenders accused of breaking the law through another app by the Federal Competition and Consumer Protection Commission (FCCPC), Sycamore Integrated Solutions Limited, has said that the Commission’s claim is false.
According to the FCCPC report, the company claimed in a statement that it has nothing to do with “Get Loan,” a loan application that Sycamore is said to own.
The company said the ‘Sycamore’ app is the only one it owns and uses.
Sycamore said that it had also looked into the matter and found that the app in question was put on the Play Store by a different company that just used its name.
It also said that it is working with security companies and the FCCPC to find out who made the “Get Loan” app.
Read also: Sycamore, Nigerian fintech simplify loans, investments
Sycamore’s statement
As a recognised and approved digital money lender, Sycamore denied any improper or forbidden conduct:
Sycamore Integrated Solutions Limited (SycamoreNG) firmly denies that it is involved in the practise that has been stated and is not, in any way, involved or, in any fashion or form, with the app “Get Loan,” which we just became aware of following the FCCPC report in the news.
“We categorically deny any connection between Sycamore Integrated Solutions Limited and “Get Loan” and their actions. Our only app is Sycamore.
“From what we know so far, the “Get Loan” app was put on the Google Play store by someone other than Sycamore Integrated Solutions Limited.” This person or group sought to profit from Sycamore Integrated Solutions Limited’s name and reputation.
However, we promise all of our cherished clients and users that Sycamore will continue to give them the same high-quality service and honesty they have always known. We still prioritize user safety.
Since becoming aware of this problem, we have worked with the proper authorities, including the FCCPC, to identify and address the imposter responsible for these dishonest practices.
“As a regulated money lender, we comply with all legal requirements, including FCCPC requirements, to ensure the highest standards of customer protection and data security. We are more committed to transparency and accountability in all our operations.”
To further reassure its customers, the company said it has bolstered its customer support teams to address any queries, complaints, or concerns promptly.
It also works with law enforcement and the FCCPC to find the imposters and bring them to justice. It does this by looking at and improving its verification methods to stop identity theft and scams.
We realize Sycamore Integrated Solutions Limited’s situation is dire. We’re sorry the imposter caused you problems.
“We still aim to solve this problem promptly and give our loyal Users the greatest security and service.
“We hope that when the Federal Consumer Protection Commission (FCCPC) finishes its investigation, it will make public its findings, which we are sure will show that Sycamore Integrated Solutions Limited has nothing to do with this app or the alleged activities,” the business said.
FCCPC’s claim
In a statement, the FCCPC said that its findings showed that Sycamore Integrated Solutions Limited and Purple Credit Limited, two of its approved digital lenders, were using other apps to do things that were against the law.
The Commission says that “Getloan” and “Cameloan” were both run by these two companies.
Sycamore Integrated Solutions Limited
Sycamore Integrated Solutions Limited is a digital platform for peer-to-peer lending and borrowing that enables individuals and businesses to obtain the funds they desire when they need them. According to the information provided by the Corporate Affairs Commission, Sycamore was founded in 2018. Our unrelenting dedication to the safety and contentment of our customers continues unabated.
