The federal government of Nigeria has finally commenced crackdown on online loan apps parading as lenders in Nigeria.
According to the government, the online loan companies have caused a lot of damages in the country through invasion of peoples privacy, breaching Nigeria’s data laws among others.
As a result of this, the federal government, in other to protect the interest of Nigerians from these online loan apps and their illegal practices, has listed two important things it is set in motion against them.
1. Written to Apple and Google stores The federal government says it has written global app companies asking them to suspend the operations of the online banks.
Specifically, the FG has written to Apple and Google stores to shut online loan apps down so that people will no longer be victimised.
The FG said: “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 victimized anymore.”
2. Freeze their accounts. Many Nigerians have blamed some Nigerian commercial banks for accommodating these shylock loan companies. To many people, these banks enables the loan companies to prey on Nigerians.
FG has also gone along this line of thoughts and has now asked that these banks to freeze the accounts of the illegitimate loan companies. The federal government added: “Secondly, some of them (the orders) have gone to the bank, asking them to freeze the accounts used by these people.”
had reported that many Nigerians are battling high blood pressure as a result of the activities of unscrupulous online loan sharks taking advantage of the economic situation of the country.
These criminal loan sharks that parade google playstore have become experts in blackmail and blatant invasion of peoples privacy.
They have been accused of employing different types of mannerless and uncultured characters as workers.
Nigerian emerging artist Oyinkansola Sarah Aderibigbe, known as Ayra Starr, has experienced a highly successful year in her music career… Read More
The African Television and Foundation for Justice have made a commitment to provide a sum of N50 million to anyone… Read More
Venita Akpofure, a former BBNaija contestant, has advised her colleague Vee Iye to let go of the past. This comes… Read More
In a viral video, Nigerian actress Destiny Etiko angrily confronted those she believed were plotting against her. The actress questioned… Read More
Isreal DMW, the logistics manager for Davido, has addressed allegations that he provided bloggers with confidential information about the happenings… Read More
Whitemoney, the reality TV star, has stirred up a buzz by revealing an unconventional move he made after shelling out… Read More
This website uses cookies.
View Comments
LCcredit is the worst of them all with high interest rate and have short loan tenure and I don't see their name among the apps FG asked to be removed from Google why?
What about LCcredit they are the worse o because their interest is to the roof an outrageous o asn is to high that's cheating to a fault.
Pls help us they are giving us High blood pressure, SOKO loan, Go cash, 9ja cash
Please help us, many of us are jammed with this loan app, especially, monicredit, sokoloan apps, go cash, pro cash, and many more,