TheCable

Sycamore Integrated Solutions Limited (SycamoreNG), a digital money lending (DML) company, has denied allegations of engaging in practices deemed illegal by the federal government.

On Thursday, TheCable reported that the Federal Competition and Consumer Protection Commission (FCCPC) updated its list of registered and approved digital money lenders (DMLs) to avoid illegal practices.

The commission, in its review, delisted Sycamore Integrated Solutions Limited and Purple Credit Limited after investigations identified the companies as major culprits of illegal operations.

FCCPC said the firms were found to be using Android Package Kits (APK) to attract vulnerable borrowers, a process and practice deemed illegal and unregulated by the government agency.

Responding to the allegations in a statement on Friday, SycamoreNG denied involvement “in the practice that has been alleged”.

The organisation also said it “is not, in any way, manner or form involved 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,” the statement reads.

“Our preliminary investigations suggest that ‘Get Loan’ was put on the Google Playstore by a completely different entity while seeking to ride on the name and good reputation of Sycamore Integrated Solutions Limited.

“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.”

The company said it would cooperate with the appropriate authorities, including the FCCPC, to “identify and address the imposter responsible for these deceptive practices”.

“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,” SycamoreNG added.

“We are even more committed to maintaining an environment of transparency and accountability in all our operations.”

The firm promised to enhance its customer support services, secure verification processes, collaborate with the authorities and carry out public awareness against fraudulent activities.