Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker

FG moves against unregistered online lending platforms

Precious by Precious
August 23, 2022
0
FG moves against unregistered online lending platforms

The Federal Government has announced that it has prohibited all Nigerian mobile network operators, telecommunications service providers, and digital payment system providers from providing services to unregistered online money lenders.

This announcement was made by Mr. Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), in an official statement titled, “Further and Continuing Investigation of Rights Violation in Money Lending Industry and Release of Interim Regulatory Framework.”

The statement read that fintech companies such as Flutterwave, Opay, Paystack and Monify are to immediately cease and desist from providing payment or transaction services to lenders under investigation or not otherwise operating with applicable regulatory approvals.

How to use chatGPT to make money

ADVERTISEMENT

Aside from Fintech organizations, the FCCPC also orders all telecom companies to desist from providing server/hosting or connectivity to lenders who are subjects of investigation or otherwise operating without regulatory approval.

“In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework,” the statement further reads.

Irukera stated that enforcement of this regulatory order must begin immediately, and the commission will henceforth have subsequent companies seek permission before proceeding to lend digitally. He also said that it provides a limited moratorium period for existing businesses to comply in order to continue their lending activities.

In a bid to take further steps in ensuring the regulation is enforced, the commission states that it has asked Google and Apple to remove applications belonging to some lenders from their respective app stores.

Due to the unfavourable economic situation of the country as a result of the high cost of living, the popularity of digital money-lending platforms has increased over the last couple of years. Despite the numerous advantages it potentially possesses, most platforms have employed unprofessional tactics such as harassment and privacy violation in their operations. Concerned about this, the Federal Government began an investigation on the issue in 2020 and in March 2022, placed sanctions on common platforms, including GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan, which are under investigation for violating consumer rights.

Nigeria boasts of having the highest number of fintech companies in Africa. A good percentage of these companies offer loans, but minimal scrutiny meant many operated without regulatory approval, something the FCCPC moves to change.

ShareTweetPin

More Stories

AI powered Google Ads
News

Google Introduces AI-Powered Campaign Tools For African Businesses

2 days ago
Nigeria Launches First Indigenous AI Software To Transform Education.
News

Nigeria Launches First Indigenous AI Software To Transform Education.

2 weeks ago
Zone
News

Zone Proposes Regulated Ethereum-Style Blockchain With Built-In Compliance for Africa

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Trending Stories

Flutterwave Expands to Zambia with New Payment Licence

Airtel, MTN Under Investigation for Hidden Mobile Money Charges

Accrue Raises $1.58M to Scale Cross-Border Payments Across Africa

TikTok Faces Ban in the U.S.: What Happened?

Meta Replaces Fact-Checking with Community Notes: Implications for Africa’s Misinformation Battle

New Telecom Tariffs in Nigeria: NCC to Announce Adjustments Amid Rising Costs

AI World Models: The Future of Generative Video, Robotics, and Intelligent Decision-Making

PalmPay Partners with Jumia to Revolutionize Online Shopping Payments in Nigeria.

Choosing a Career in Tech

Meta Faces $220 Million Fine in Nigeria Over Data Privacy Violations

  • About
  • Advertise
  • Privacy Policy
  • Contact
  • Jobs

© 2025 Digital Barker

 
Required 'Candidate' login to applying this job. Click here to logout And try again
 

Login to your account

  • Forgot Password? | Sign Up

Reset Password

  • Already have an account? Login

Enter the username or e-mail you used in your profile. A password reset link will be sent to you by email.

Signup to your Account

Choose your Account Type
  • Candidate I want to discover awesome companies.
  • Employer I want to attract the best talent.
  • By clicking checkbox, you agree to our Terms and Conditions and Privacy Policy

    Already have an account? Login

Close
No Result
View All Result
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos

© 2025 Digital Barker

 

Answers

 

Account Activation

Before you can login, you must activate your account with the code sent to your email address. If you did not receive this email, please check your junk/spam folder. Click here to resend the activation email. If you entered an incorrect email address, you will need to re-register with the correct email address.