The Federal Competition and Consumer Protection Commission (FCCPC), says it has ordered telecommunication/technology companies (mobile network operators and digital financial payment systems) to stop providing services to digital lenders.
The order affects loan sharks being investigated by the Federal Competition and Consumer Protection Commission (FCCPC)
Babatunde Irukera, Executive Vice Chairman spoke to reporters on Thursday during enforcement at the premises of some lenders in Lagos.
He said this is to end the activities of money lenders who have found new ways to operate despite being under investigation for their unethical and exploitative practices in the industry.
Irukera directed FinTechs including Flutterwave, Opay, Paystack and Monify to desist from servicing digital lenders under probe.
He further said that the Federal High Court already empowered the commission to search and seize properties of subjects of investigation.
“The commission has entered further orders to Google Play Store to draw down the following apps which were discovered to be created and operating as a circumvention of existing investigative interventions; Maxi Credit, Here4U, ChaCha and SoftPay.”
He added that for apps that are not on the Play Store, it would trace the platforms they are hosted on in order to disable them.
“The commission has ordered all operating payment systems, including Flutterwave, Opay, Paystack and Monify to immediately cease and desist providing payment or transaction services to lenders under investigation or not otherwise operating with applicable regulatory approvals.”
