Nigeria’s federal government has finally started cracking down on online loan applications posing as lenders.
According to the government, internet loan companies have harmed the country by invading people’s privacy and violating Nigerian data rules, among other things.
As a result, the federal government has identified two major actions it has taken against these online loan apps and their illegal operations in order to protect Nigerians’ interests.
The following are the two items:
1. Submitted to the apple app Store and google Play stores The federal government claims it has written to global app companies requesting that their operations be halted.
The FG has written to Apple and Google to request that online lending apps be removed from their stores so that individuals are no longer exploited.
“In addition to what you see here today, the FCCPC has also issued additional orders today,” the FG noted.
Two of them will be sent to vendors: the Apple and Google app stores, where some of these programs can be found. We’ve urged them to disable these companies’ apps so that individuals are no longer exploited.”
2. Put a hold on their accounts. Many Nigerians have accused several commercial banks in the country for allowing these shady loan businesses to operate.
Many individuals believe that these banks enable loan sharks to prey on Nigerians.
The federal government has followed this line of reasoning as well, and has now
The federal government has followed this line of reasoning and has now requested that these banks freeze the accounts of the illegal loan firms.
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