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FG Shuts Illegal Online Banks, Freezes Business Accounts - Business - Nairaland

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FG Bars Online Banks From Accessing Customers’ Photos, Contacts / FG Approves 173 Loan Apps, Bars Illegal Online Banks / FG Orders Google, Apple To Deactivate ‘illegal’ Online Banks, Loan Apps (2) (3) (4)

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FG Shuts Illegal Online Banks, Freezes Business Accounts by unitysheart(m): 7:31am On Mar 12, 2022
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.

Giving a background on the rise in the number of loan application platforms, Irukera said during the COVID-19 lockdown, a lot of households sue to the effect of the pandemic needed soft loans, hence the need to secure loans became expedient.

He lamented that majority of the companies are operating illegally and not registered by the Corporate Affairs Commission(CAC) and the Central Vank of Nigeria to carryout the business of financial transactions in the country.

Working tools which included laptops were carted away by FCCPC and other agencies involved in the raid to support their investigation.

Irukera said the agency has been monitoring the activities of the firms for several months, saying it was difficult to identify their operational base.

https://punchng.com/fg-shuts-illegal-online-banks-freezes-business-accounts/

96 Likes 9 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by unitysheart(m): 7:32am On Mar 12, 2022
It is long overdue.

271 Likes 19 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Nobody: 7:32am On Mar 12, 2022
coming almost late..but its a good move

107 Likes 5 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by MadamVanessa(f): 7:34am On Mar 12, 2022
shocked




Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

138 Likes 12 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by 1Alex: 7:41am On Mar 12, 2022
Lol. People wey dey owe dem right now

425 Likes 28 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by jideflash(m): 7:41am On Mar 12, 2022
Very good

5 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Mrkumareze(m): 7:45am On Mar 12, 2022
Some nairalander debtors ll be happy wink

145 Likes 6 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by CryptoClub2018: 7:48am On Mar 12, 2022
Those loan apps are criminals and they shouldn't be allowed to operate in our space. They are mostly Chinese and Lebanese companies who doesn't care about privacy invasion. Defamation and blackmail isn't a good strategy for loan recovery

174 Likes 14 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by MrPADDY(m): 7:55am On Mar 12, 2022
Sad development for the lenders and the borrowers. The federal government should have found a way to regulate the sector, instead of forcing them to close shops.

73 Likes 8 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by unitysheart(m): 7:59am On Mar 12, 2022
MrPADDY:
Sad development for the lenders and the borrowers. The federal government should found a way to regulate the sector, instead of forcing them to close shops.

I agree with you.

20 Likes 3 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by BestMan001: 9:13am On Mar 12, 2022
Good for them.

Avoid loan and remain without problem.

47 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Aderewah: 11:00am On Mar 12, 2022
Lol. What about their loans?

3 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Kingpele(m): 11:00am On Mar 12, 2022
Good for the fraudsters,
This people will lure u with sweet strategies to get u to apply for loan only to use threats and insults to terrorise you, with what I heard of those that deal with this guys ,it is rather a burden to deal with them

19 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Emeskhalifa(m): 11:00am On Mar 12, 2022
cool
Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by posty56: 11:00am On Mar 12, 2022
sweet news for debtors , you know say Nigerians like to owe. grin

6 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by bill90: 11:01am On Mar 12, 2022
omooo, nice

3 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Dialpad: 11:01am On Mar 12, 2022
Good thinking... most of them are owned by Chinese guys ... they figured out that Nigeria is a Virgin land that can be exploited

37 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Splitmind: 11:01am On Mar 12, 2022
Very good.

They should go after Kudabank as well.

8 Likes 2 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by seborrhic: 11:02am On Mar 12, 2022
Overdue.
Though the average Nigerian has a perchant for not paying back debts,the interest rate of 200-300% per annum or 15-20% per week is just bull shit crazy.

41 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by olaboy33(m): 11:02am On Mar 12, 2022
Even with the stability of digital banks over the years, I still have troubles keeping substantial amount with them.

Not because they are not to be trusted, but because the Nigerian government can wake up tomorrow and give a policy these banks would not be able to survive.

≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

By the way, those online banks were shut down because they were operating illegally.

If you can get a loan from a duly registered loan app from the comfort of your phone with no collateral, accepted their terms and conditions, there is no reason you shouldn't pay back your loan.

Whatever legal means they chose to recover their loans if you default, after accepting their conditions, you shouldn't complain of.

17 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by mrvitalis(m): 11:02am On Mar 12, 2022
CryptoClub2018:
Those loan apps are criminals and they shouldn't be allowed to operate in our space. They are mostly Chinese and Lebanese companies who doesn't care about privacy invasion. Defamation and blackmail isn't a good strategy for loan recovery
Don't take loan u can't pay back

9 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by FreeStuffsNG: 11:02am On Mar 12, 2022
Online banks

Is it that the operators did not know that banking is a heavily regulated sector everywhere in the world and could actually be jailed for operating unlicensed banks, whether online or offline?

When you appeal to them to go through the rigour of serious schooling and pay absolute attention to learning, training and mentorship, they will wave it aside with an infantile cynical remark of "school is scam" yet they make the most basic mistakes and waste all the tonnes of resources the education they called scam could have significantly help them mitigate.

For God sake shocked , who runs a banking service without a license? Definitely, they are "the school is scam" gang with their error-laden obscene strong opinions on everything about life from marriage to business to religion and about everything on life and living when they have barely spent 2 decades in this world and mostly protected by parents, family and the society..

They want to create distruption by replacing the current system with a chaotic and fraudulent system being shut down all over the world just like the crypto ponzi https://www.telegraph.co.uk/business/2022/03/11/bitcoin-cashpoints-forced-shut-declared-illegal/

4 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by secnelly: 11:02am On Mar 12, 2022
Hmmmm
I wonder how they got approval to work sef. Na all these Chinese companies bringing online nuisance into Nigeria through the back door.

4 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by helinues: 11:02am On Mar 12, 2022
Better.

Na one night Dem go dissapear like MMM
Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by oluwaseunamos33(m): 11:02am On Mar 12, 2022
Mtchewwww
Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Biodun556(m): 11:02am On Mar 12, 2022
Obey Nigerian laws and policies if you want to be a money lender

Nothing wrong in taking loans. Money lenders can't override Nigerian laws and policies and replace them with theirs.

9 Likes 1 Share

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Hndrrxxx(m): 11:02am On Mar 12, 2022
Hh
Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Chigozirimkpoma: 11:03am On Mar 12, 2022
Punch can't even edit typos correctly. Which one be Central Vank of Nigeria?

Anyway the loan app companies deserve even worse. Let them pay the bill too. Nonsense

7 Likes

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Walz001: 11:03am On Mar 12, 2022
Hmmmm its good for the economy though
Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by Burgerlomo: 11:03am On Mar 12, 2022
Some debtors right now grin

41 Likes 2 Shares

Re: FG Shuts Illegal Online Banks, Freezes Business Accounts by XploraBen(m): 11:03am On Mar 12, 2022
It's high time government regulate the activities of these loan sharks. Those that can't operate in a professional manner should have their license withdrawn—that's if they are licensed to operate in the first place.


That aside...

I'm a freelance content writer and I'm open to writing jobs.

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