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Full List Of Illegal Online Loan Apps Shutdown By Nigerian Government

March 12, 2022
Reading Time: 3 mins read
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The Nigerian Government on Friday shutdown “illegal” digital loan companies operating in Ikeja, Lagos, over alleged consumer rights abuse.

The operation was led by the Federal Competition Consumer Protection Commission in conjunction with the Independent Corrupt Practices and other related offences Commission, the National Information Technology Development Agency and the Nigeria Police Force.

The affected companies are GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan.

At the Sokoloan, which occupied two floors at 21 Opebi Road and was alleged to be owned by Chinese businessmen, the workers refused to open their doors and constrained the FCCPC operatives to break their locks.

Speaking during the raid, the Chief Executive Officer of FCCPC, Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.
He said the agency had begun investigations into the allegations since 2020.

He said, “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.

“Because there was lockdown due to the pandemic, people needed small easy loan which is understandable. But over a period of time, people started complaining about the malpractices of the lenders, so we started tracking it.

“Towards the end of last year, we gathered quite a lot of information. We started working with some other key agencies and the FCCPC led the meeting where we all agreed there would be a joint effort to look into these businesses.”

According to Irukera, the interest rate charged by online financial institutions appear to violate the ethics of how lending is done.

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He further said, “The key two things that were subject of concern were what seems to be the naming and shaming violation of people’s privacy with respect to how these lenders recover their loans.

“Secondly, the interest rate seems to be a violation of the ethics on how lending is done. So, those were the two things that we set out to look for.

“So, we started an investigation trying to determine the location of these firms. That has been a very difficult thing. We did that for several months and some of them have moved from one place to the another and we have been visiting these places for months.”

Irukare said the agency had written to global app companies asking them to suspend the operations of the online banks.

He said, “Essentially, what they have is an app, and so we started gathering more information about them. We engaged the public and the people who had been their victims. They gave us more information.

“As we got more information we had enough evidence to convince the court to issue a warrant for us to proceed with an investigation into a search and seizure. And sometime last month, a court issued a warrant and between then and now, we were preparing a sting operation which is what you are seeing here today. The reason for this is because we wanted to be sure we are hitting at the place we could get many of them.

“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.

“Secondly, some of them (the orders) have gone to the bank, asking them to freeze the accounts used by these people. I must add though that not all money lenders are operating illegally and that is why it has been taking time for us to track these people.

“It doesn’t also mean that the people we are proceeding against today are the only ones, no. We want to start with them. We also understand that they are between five and seven companies operating at the same location.”


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Comments 5

  1. Ahmed Rukayat says:
    2 months ago

    Good Day *Damilola Rukayat A.*,
    The Nigerian Consumer Protection Commission (NCPC) has reached a solid agreement with the independent Corrupt practices and other Related Offences Commission including The National information Technology Development Agency and The Nigeria police force that all customers owing all loan application is expected and mandatory to pay the principal amount and 70% of the overdue charges.
    We instruct all Nigerian that is owing them to do as we agreed with them or proper litigation will be proceed against their customers.
    Note that the presidential task force is now involved with the regulations of their activities.
    Name of long overdue customers will be published across all social media and national publication commission will be published on DAILY NEWS PAPER

    SIGN BARR. O. KOLAWALE
    I got these, this morning

    Reply
  2. Sophia says:
    1 month ago

    I so happy that this loan apps has been shutdown
    But kindly do more findings, there are some loan apps like 9credit. They always send defamatory messages to my sis, threatening her to pay up the money or die

    Reply
  3. Michael says:
    1 week ago

    All the loan app are usage, some of the loan app invaded people privacies, swnd inessage of fraud to there relatives, friends,company,, most especially credited all,,aimloan,kashkash,I money, link credit,repidnaria,I lovenaria,ajeloan,etc some of them hike people accounts .the government should shut down this loan app for Nigeria good,the also go to the length to send people obturay picture tell people u are death. It is as bad as that.

    Reply
  4. Hammed Biodun says:
    1 week ago

    Just like Zuma loan app Aje loan, Aimloan and some other apps like that this people invade people’s contact and insult there family and friends shot down this apps sir/ma

    Reply
  5. Rebecca says:
    2 days ago

    Please government shut all this apps down

    Reply

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