The federal government has declared some financial institutions as illegal. They are; GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni among others.
Meanwhile, the Federal Competition Consumer Protection Commission, FCCPC, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, ICPC, National Information Technology Development Agency, NITDA and the Nigerian Police Force, on Friday, raided the financial institutions operating on Opebi Road, Ikeja, Lagos.
The raid, the FCCPC said, was in response to customers’ complaints of malpractices by the financial institutions.
Speaking during the raid, the Chief Executive Officer, FCCPC, Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.
He said the agency had begun investigations into the allegations since 2020.
