The Federal Government has clamped down on some illegal financial institutions operating in Lagos for alleged violation of consumer rights.
It was learnt that GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni and Sokoloan were axed.
The Federal Competition Consumer Protection Commission (FCCPC), in a joint operation with the Independent Corrupt Practices and other Related Offences Commission (ICPC), National Information Technology Development Agency (NiTDA), and the Nigerian Police Force, raided the institutions.
According to the FCCPC, the raid was in response to customers’ complaints of malpractices by the financial institutions.
The chief executive officer (FCCPC) Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.
Irukera said the agency had begun investigations into the allegations since 2020.
“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,” he said.
