Yesterday the FG shut online banking platforms. The banks are operating illegally and are infringing on the customer’s privacy.
The Federal Competition Consumer Protection Commission along with the Independent Corrupt Practices and other related offences Commission carried out the operation. They raided the offices of the banks in Ikeja, Lagos.
The operation also included other agencies including the Nigerian police and the National Information Technology Development Agency.
There are several dismal reports about the modes of operations of the online banking platforms. They often blackmail the customers who fail to meet up with the demands.
The online banking platforms included OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and of course Sokoloan. The Federal Government agencies had to force their ways into the building occupied by the Sokoloan.
The Sahara Reporters said that the platform is owned by a Chinese national. And the company is at 21 Opebi Road, Lagos.
Sokoloan officers refused to allow the FCPCC into the premises. The agency then forced its way into the two floors in the building.
Mr. Babatunde Irukera spoke to newsmen about the operation. He explained the complaints of the customers. According to him, the loan apps violated their privacy while recovering the loans from the customers.
The federal agency has been monitoring the activities of the platforms since 2020. Number of the platforms rose sporadically in 2020 at a time the country was in lockdown.
Mr. Babatunde Irukera revealed, “This information started quite a while ago. Some time ago, when the country was on lockdown in 2020 due to the pandemic, we started seeing the rise in money lenders.”
The interest rate of the companies also violate the ethics of how lending is to be done.
In order to curb the activities of the platforms, Mr. Irukera said that application has been sent to both Apple and Google Store. The apps of the platforms should be suspended or pulled down.
He narrated, “In addition to what you are seeing here today, the FCCPC has also issued multiple orders today. Two of them are going to vendors: Apple and Google stores where some of these apps are available. We have asked them to shut these companies’ apps down so that people will not be victimised anymore.”
He also talked about more efforts that would make FG shut online banking that operate illegally.
Follow us on social media
