Five government agencies join hands to hunt down money lending apps that harass and dishonor Nigerians

  • While many Nigerians report the harassment of money lenders, especially internet loans, the Nigerian government has formed a committee to end it.
  • The Federal Competition and Consumer Protection Commission will chair the committee (FCCPC)
  • Calling relatives, posting names and photos and other methods are part of the cuckoo approach by money lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to prosecute pawn shops who harass Nigerians.

FCCPC chief Babatunde Irukera informed the Nigerian News Agency (NAN) of the plans on Sunday, December 26, and it will be joint operations involving five government agencies.

The joint operation will target businesses operating illegally and those harassing customers.

Money lenders have used various approaches to get their money back Credit: Ismel
Source: UGC

Vanguard reports that the team includes representatives from the FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).

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Others come from the National Information Technology Development Agency (NITDA) and the National Human Rights Commission (NHRC).


Irukera said:

“The committee was tasked with coming up with rules that money lending companies must follow.

“They will shut down businesses and hire app stores to shut down apps that violate and are abusive. We are also going to write draft regulations and background information for all of these money lenders to provide information so that people know who they are.

“Some of them are just apps that we don’t even know who the promoters are. We will provide them with certain frameworks to which they must conform “

Regarding complaints about the services of insurance companies, Irukera said that a memorandum of understanding with the National Insurance Commission (NAICOM) is underway.

The head of the FCCPC has given early 2022 as the delivery schedule for the bilateral agreement.

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Many loan companies in Nigeria are illegal

In a related story, the Nigerian government insisted that many loan companies operating in Nigeria are illegal and are not registered with the relevant authorities, so their activities are illegally

These loan companies are known for their exorbitant interest rates, invasions of privacy and blatant invasion of privacy.

Some of the companies involved in these illegal acts include NowCash, Moniloanplus, 9credit, Monicash, among others.


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