The federal government, on Friday, raided the offices of “illegal” digital loan companies operating in Ikeja, Lagos over alleged consumer rights abuse.
The affected companies are GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan. Irukera said the cause of concern was the naming and shaming of borrowers and violation of their privacy with respect to how the loans are recovered.“Secondly the interest factor 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,” he said.Irukera said the agency has been monitoring the activities of the firms for several months, adding that it was difficult to identify their operational base.
“They are not Nigerian companies, they don’t have an address in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission and they do not have any licence to do their business.”Highlighting steps taken by the commission, Irukare said the FCCPC obtained a court warrant to proceed with a “search and seizure”.
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