Nigerian Government to Regulate Online Lending Platforms, Says FCCPC

Nigerian Government to Regulate Online Lending Platforms, Says FCCPC

  • The Federal Competition and Consumer Protection Commission (FCCPC) said that the agency will lay down some regulation for online lending apps
  • The FCCPC boss, Babatunde Irukera said the agency is trying to bring the lending apps under control by creating some guidelines for them
  • According to Irukera, the members of the agency were almost lynched when they raided the places in Lagos

The Federal Competition and Consumer Protection Commission (FCCPC) said when they raided the loan sharks penultimate week, the workers on the sites almost lynched them, prompting them to bring in police as protection.

The FCCPC said it has gotten a court order to halt the operations of the lending apps in Nigeria and will now introduce a proper regulatory framework for the platforms.

Loan app staff made move to attack us
Loan app staff made move to attack us
Source: UGC

The FCCPC boss, Babatunde Irukera said this at the World Consumer Rights Day in Abuja.

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The FCCPC helmsman said the body is planning to bring lending platforms under control in the country because of its recent findings.

Irukera said that during the raid on the lending apps, it was found that most of those who worked with them are unemployed Nigerian graduates who saw them as intruders wanting to take their jobs from them.

He said the situation is more serious than previously thought and that workers accused them trying to take away the jobs given to them by the Chinese.

What FCCPC said:

“On the raid that we conducted on Opebi Street in Lagos, we discovered that this is much more serious than we thought it is. The hall was very big, each person has a computer with a phone to reach loan defaulters. In the process, we took from them 119 laptops, eight mobile phones, one table phone and one hard drive. These devices are now with forensic experts and if we look at them and all the things that we can gather from them, we can now decide on the way forward. This is because there are faces behind these fellows.”

Google, others ignore FG’s directives, leave Okash, KashKash, other loan sharks in stores

Legit.ng has reported that It appears that the directive by the Nigerian government to Google, Apple and others to delete loan sharks raided by agencies of government last week from their stores has fallen on deaf ears.

Checks by Legit.ng show that the apps are still in the stores and having massive downloads over one million each.

According to an investigation, Okash, KashKash and CreditMe are owned and operated by the digital payment platform, Opay.

Source: Legit.ng

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