The Federal Competition Consumer Protection Commission (FCCPC), in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force, has raided some illegal financial institutions operating in Lagos.
The illegal financial institutions affected were, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni.
The raid according to the FCCPC was in response to customers’ complaints of malpractices by the financial institutions.
The Chief Executive Officer Of the FCCPC, Babatunde Irukera, explained that customers had raised issues about the violation of their privacy in their debt recovery drive.
He added that the agency had been investigating the allegations since 2020.
According to Irukera, the interest rate charged by online financial institutions appear to violate the ethics of how lending is done.
He, however, said investigations revealed that the loan firms are neither Nigerian companies nor registered in the country.
He disclosed that the agency had written to global app companies asking them to suspend the operations of the online banks.
