The Federal Government of Nigeria has finally taken action to crack down on online loan applications posing as lenders in Nigeria.
The federal government says online lending companies have caused a lot of harm in the country by invading people’s privacy, including breaking Nigerian data laws.
The Federal Competition and Consumer Protection Commission (FCCPC) reports that the FG has written to Apple and Google stores to shut down online lending apps so people won’t be victimized again.
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FG says, “In addition to what you see here today, the FCCPC also issued several orders today. Two of them are for vendors: Apple and Google stores, where some of these apps are available. We asked them to shut down the apps of these companies so that people are no longer victimized.
Also, many Nigerians have blamed some Nigerian commercial banks for hosting these shylock loan companies.
With this in mind, FG also asked these banks to freeze the accounts of illegitimate loan companies. “Secondly, some of them (the orders) went to the bank, asking them to freeze the accounts used by these people.
These criminal loan sharks parading on Google Playstore have become experts in blackmail and blatant invasion of people’s privacy. They have been accused of employing different types of personages without manners and without culture as workers”.
The Federal Government has also insisted that most of them operate illegally in Nigeria. Therefore, the FG through a Joint Inter-Agency Task Force on Regulation and Enforcement of the FCCPC, NITDA, ICPC raided some of the loan shark offices in Lagos State .