The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) have commenced rights violation investigation into the money lending industry.
A document signed by Mr Babatunde Irukera, the Chief Executive Officer of FCCPC for the Joint Regulatory and Enforcement Committee, said this in Abuja on Monday.
Irukera said that the Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency were also members.
He disclosed that the committee would lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks.
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According to him, the meeting resolved to collaborate, pursue urgent enforcement action against already known violators while investigating others, as well as criminal prosecutions where applicable.
He regretted that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.
“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.
“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation.
“Initial inquiries demonstrate that many of the purported lenders are not legally acceptably established or otherwise licensed by the appropriate authorities to engage in the services they ostensibly provide.
“A joint taskforce of analysts and enforcers was also created and immediately activated.
“The agencies recognised and welcome products and providers that bridge the lending gap for consumers who would otherwise be ineligible for conventional loans from traditional financial institutions.
“However, this must occur within legally acceptable parameters of transparency and fairness,’’ he said.
Irukera said that in furtherance of resolutions from the meeting, the commission had created a dedicated email address to receive complaints, identity of businesses or individuals involved in these practices.
He said the e-mail address is [email protected]. (NAN)
I know of a woman that stays in my area in Songo Ota,I use to buy provisions from her store, 2weeks ago she was body shame/death threantend by one of this online loan name (CYCLE CASH LOAN)
According to her,She collected some money and she was meant to pay the sum of 9 thousand naira after 7days,but on the 6th day a girl name bunmi start calling her and told her she need to pay the money,
According to her she told the lady from cycle cash loan that her due date is the next day making 7th day but she said the lady start shouting at her,that on the 7th day around 8:30am she called her to ask if she as pay the money and she told her she will pay that same day.
That she was even explaining to her that she is pregnant that she will pay before 4pm,that the Bunmi girl from cycle cash loan told her that if she did not pay before 12pm that she and her baby will DIE,I lent she was using abusive words,threantend the family that the pregnant woman will die,dis are not meant to happen in our society.
When I got to her shop in the evening,I saw people at the woman shop,because I lent she fainted and was rush to the hospital,I was the one that give the husband the sum of 10k to pay for the loan.sir this need to be stop in our society because this as cost a lot of damage and the online loan are using the medium to body shame the less privileges
And the federal government need to do something fast about it sir..
Sir,kindly investigate or send her number to higher authority to (DSS/ICPC/FCCPC/NITDA)as a scape goat to other online APP(07064400275 BUNMI FROM CYCLE CASH LOAN)She is the one sending death threatened messages and using abusing words on people because the woman husband told me that she keep
Calling people on her wife contacts and started causing and threatening them.
Help me ooo lifepurse loan app have been posting my obituary photo bcs of 8k dat just due yesterday oooo the name of their agent doing dis ajayi Micheal ooo help me oooo
Good day sir/ma.
One of my family friend set herself ablaze just becos this loan app called fastcent threatened her of sending her picture to the public and her contact list as a fraudster after paying them more than half of what she owe them. They add 5k naira every day has interest..
I borrowed from nairaloan which have several loan app under then like payday, ease naira, loancredit, quick credit, naira pay and lcreadit kash have been paying them but the threat is killing me already with their outrageous interest. Am really down cos this people has nearly cut of my throat. Please help me I never said I won’t pay them but this 7day loan apps are really crazy set of people. They are ready to bring me down on a loan of 40k naira…
Kindly look into this with immediate effect. A lot of souls has been lost due to this threat 😕. Please help
Almost all of Dem even swiftkash doing d same ,pls help us ooo .
Loan me too is not exempted