FG Begins Massive Crackdown, Raids GoCash, Okash, EasyCredit Among Others
At least seven digital loan companies operating in Ikeja, Lagos, were raided by federal government agencies.
The operation led by the commission’s boss, Babatunde Irukera, was in response to several complaints of malpractices on the part of the lenders. The armature loan company continuously embarrass Nigerians and don’t follow legal process of getting loans.
The companies – GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni – owned by Blue Ridge. Soko Loan, another lending company, operating in another location in the area was also raided.
The operations were carried out by the FCCPC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA), and the Nigeria Police Force (NPF).
Addressing Dez Mayorz Media and other press, Mr Irukere said the loan companies rose to prominence due to the economic impact of the COVID-19 lockdown.
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.
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. Begin process of freezing their account.