The federal government of Nigeria has finally commenced crackdown on online loan apps parading as lenders in Nigeria.
As a result of this, the federal government, in other to protect the interest of Nigerians from these online loan apps and their illegal practices, has listed two important things it is set in motion against them.
These action include, 1. Written to Apple and Google stores asking them to suspend the operations of the online banks.
Specifically, the FG has written to Apple and Google stores to shut online loan apps down so that people will no longer be victimised. The FG said: “In addition to what you are seeing here today, the FCCPC has also issued multiple orders today. Two of them are going to vendors: Apple and Google stores where some of these apps are available. We have asked them to shut these companies’ apps down so that people will not be victimised anymore.” 2. Freeze their accounts. Many Nigerians have blamed some Nigerian commercial banks for accommodating these shylock loan companies.
To many people, these banks enables the loan companies to prey on Nigerians. The federal government has also gone along this line of thoughts and has now asked that these banks to freeze the accounts of the illegitimate loan companies.