I heard that federal Competition Consumer Protection Commission (FCCPC) in conjunction with ICPC shut down five online Lending Banks for illegal operations in Nigeria. The affected companies are GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan.

I am writing to find out what should persons who have already borrowed money from them do now?.
Please I will appreciate urgent response.
Thank you

ezighi:
I heard that federal Competition Consumer Protection Commission (FCCPC) in conjunction with ICPC shut down five online Lending Banks for illegal operations in Nigeria. The affected companies are GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan.

I am writing to find out what should persons who have already borrowed money from them do now?.
Please I will appreciate urgent response.
Thank you

No one knows for now.

But it is possible that the debt would be handed over to AMCON, who may find ways of collecting it...OR the companies would remain suspended till they regularize their status with government and the ban is lifted. (second option more likely)

But at this time no one knows. Above is speculation.

Thanks for the reply. That means it is better for one to wait and see the next action of government. Repaying now may not even be the best option since they said orders have been sent to their banks for their bank accounts to be frozen. Please what do you think?

ezighi:
Thanks for the reply. That means it is better for one to wait and see the next action of government. Repaying now may not even be the best option since they said orders have been sent to their banks for their bank accounts to be frozen. Please what do you think?

As i said, no one knows. Too early to say

Backbencher2:


As i said, no one knows. Too early to say

Okay thanks.