FG Shuts Illegal Online Banks, Loan Apps, Freezes Business Accounts

The Federal Competition Consumer Protection Commission (FCCPC) in conjunction with the Independent Corruptb Practices Commision(ICPC) and the National Information Technology Development Agency(NITAD) have raided some loan application platforms over consumer rights abuse.Some of the raided companies included; GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni.

Leading the raid on some loan application firms in Lagos today, Executive Vice Chairman and Chief Executive Officer of FCCPC, Mr. Babatunde Irukera said the growing number of consumer complaints on the activities of loan application platforms in relation to privacy infringement and high interest rates informed FCCPC’s decision to carry out the raid.

He said a situation whereby loan application platforms send names and pictures of loan defaulters to all their telephone contacts without recourse to due process and in a manner that suggests naming and shaming will no longer be tolerated.

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