FG Shuts Down Online Banks And Loan Apps. Checkout Full List

66
FG Shuts Down Online Banks And Loan Apps. Checkout Full List

The Federal Competition Consumer Protection Commission, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force, on Friday, raided some illegal financial institutions operating on Opebi Road, Ikeja, Lagos.

GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni were among the financial institutions affected.

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Customers had complained to the FCCPC about financial institutions’ malpractices,

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Customers had accused financial institutions of violating their privacy in their debt recovery efforts, according to FCCPC Chief Executive Officer Babatunde Irukera, who spoke during the raid.

Since 2020, he said, the agency has been investigating the allegations.

“This information began a long time ago,” he explained. We started seeing an increase in money lenders a few years ago, when the country was on lockdown due to the pandemic in 2020.”

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“People needed small easy loans because there was a lockdown due to the pandemic, which is understandable.” However, as people began to complain about the lenders’ malpractices over time, we began to investigate.”

“Towards the end of last year, we gathered a significant amount of data. We began collaborating with a number of other key agencies, and the FCCPC chaired a meeting at which we all agreed to work together to investigate these businesses.”

Irukera believes that the interest rates charged by online financial institutions appear to be in violation of lending ethics.

“The key two things that were of concern were what appears to be the naming and shaming violation of people’s privacy with regard to how these lenders recover their loans,” he continued.

“Secondly, the interest rate appears to be in violation of the lending ethics. So those were the two things we were searching for.”

“As a result, we began an investigation to find out where these companies were located.” That has been extremely difficult. We did that for a few months, and some of them moved from one location to another, and we’ve been visiting these locations for months.”

However, according to the FCCPC’s director, investigations revealed that the loan companies were neither Nigerian companies nor registered in the country.

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“We discovered that the majority of these businesses are based in the same location.” We also discovered that many of them are run by the same individual. They are not Nigerian companies; they do not have a Nigerian address, are not registered with the Corporate Affairs Commission in Nigeria, and do not have a business licence.”

As a result, Irukare stated that the agency had written to global app companies requesting that the online banks’ operations be halted.

“Basically, what they have is an app,” he explained, “so we began gathering more information about them.” We enlisted the help of the general public as well as victims. They provided us with additional information.”

“As we gathered more information, we were able to persuade the court to issue a warrant allowing us to conduct a search and seizure investigation.” And a court issued a warrant sometime last month, and between then and now, we’ve been planning a sting operation, which is what you’re seeing here today. We did this because we wanted to make sure we were hitting at a location where we could get a lot of them.”

“In addition to what you see here today, the FCCPC has issued multiple orders today,” he said. Two of them will be sent to vendors: the Apple and Google app stores, where some of these apps can be found. We’ve asked them to disable these companies’ apps so that people are no longer exploited. Second, some of them (the orders) have gone to the bank and asked them to freeze these people’s accounts.”

“It’s important to note, however, that not all money lenders are operating illegally, which is why it’s taken us so long to track down these individuals.”

No, it does not imply that the people we are prosecuting today are the only ones. We’d like to begin with them. We’ve also learned that there are five to seven companies operating at the same address.”

66 COMMENTS

  1. Government should please scrap all this loan app entirely, they are doing no good than to harm people, many of them are scam and fond of invading people’s privacy, the needful should be done with no delay.

  2. Even after making payments on the same day that your loan is due, some of this loan still send messages to your contact just to wicked you and to do you evil and to humiliate you.
    Eg, mint loan, 9 credits, and etc
    Most of them are (419) I’ll just be on my own they will start calling me and I don’t know where they got my number.
    Most of them are scam they deceive you collect your details and offer you a little amount with high interest just to take advantage of you.
    They have to pay for the damages they have imposed on Nigerian.
    I have ever evidence to charge them to court please help me I want to file a case against them and I have what it takes to win them in court.
    Thank you.

  3. I took a loan from easy cash to pay back in (7day) on the dew date I made full payment, later in the evening on the same I started receiving debit alat this guys entry my account. There was no way for me to reach them after trying all the phone number on the app I wasn’t able to reach them
    The next day they call me to tell me that my loan is one day overdue and I was very angry and I started telling them to refund my #6101 they told me to send my evidence of payment which I did after confirming the payment, they to me that them can’t refund my money that I should go back to the app and borrow from the app again them I told them that I’ll not like to borrow again that I’m not happy borrowing that them should refund my money back they said no that I must borrow, and I asked who Will pay the interest she replied me that I’ll be the one to pay the interest.
    They I when to the app (easy cash) I took the money they auto debit me and I call her that I have collected my money back she told me that I should remember to pay back after 7 days I told her that I’ll not pay and she replied that I should get ready to humiliated.
    Up till now they keep calling me insulting me, rain courses on their family and generation not mine.
    Please, help me I want justice and I have all the evidence to win them in court.
    Up till now I’m not able to use my zenith Bank account because if I put money in the account them I’ll collect it.
    (9 credits and mint loan) are not left out of this, these people are evil they are looking for ways to put many family’s in more poverty with shame and humiliation they are adding to the suffering of Nigerian
    Please, I need justice

    Please the government should stop them

  4. I’m surprised that the report I made about 9credit this morning is now missing from your thread here. I hope its not what I’m thinking.

  5. Below is the message I received this morning from nine credit (9credit) despite the fact that the loan is due today and it isn’t yet 12noon.

    WARNING!!!! DEAR CUSTOMER, SAVE YOURSELF FROM EMBARRASSMENT, DO NOT LET THE REPUTATION AND INTEGRITY AMIDST FAMILY AND FRIENDS GO DOWN THE DRAIN!!! WE WILL NOT BE HELD ACCOUNTABLE FOR ANY ACTION TAKEN WITH REGARDS TO YOUR UNPAID fund , AS YOU HAVE IGNORED US EVEN AFTER SEVERAL CALLS AND SMS YOU HAVE REMAINED ADAMANT TOWARDS MAKING YOUR REPAYMENT. WE WILL PROCEED INTO ACTIONS WITHOUT PLEA AS YOU HAVE BEEN INFORMED IF YOUR PAYMENT NC IS STILL UNPAID BY 12PM TODAY YOU WILL BE UTTERLY EMBARRASED. AS YOU WILL LEAVE US NO CHOICE THAN TO REACH OUT TO YOUR CONTACTS! TELLING THEM YOU CANNOT BE TRUSTED!. MAKE YOUR PAYMENT THROUGH THE APP OR TRANSFER INTO THE STERLING BANK ACCOUNT ON THE APP AND SEND YOUR PROOF OF PAYMENT HERE TO AVOID DISGRACE!. DO NOT SAY YOU WERE NOT WARNED WHEN WE TAKE ACTION BEACAUSE WE WILL NOT CALL YOU AGAIN. NC.
    This is the way they bully people. If a loan expired today, today expires at 12midnight. See the threat of calling family and other contacts before midday.

  6. I’m so depressed right now, for the past two weeks more than 10 different online loan agents are calling and sending me dehumanizing messages via SMS and WhatsApp, on loans I have no idea about, I did pay a visit to my bank only for me to see through my account statement that my BVN has been tampered with and unknown persons are taking loans online in my name and account details. How can one pay for monies you have no idea about??..

  7. The central bank should stop them from asking BVN first they should agree with the person how much they will give or he want to take, not after collecting all ur information even bvn they will now tell you ₦5,000 and you are in need of ₦50, 000 the five thousand naira you can not take because it can not solve ur problem and they have already collected all ur accounts details this very painful, they should stop asking for bank details first let bank details come in after agreeing on the amount they want to loan f it is acceptable by who want to take the loan then they can request for bank details, please government should look on this very topic they should stop collecting bank details from ppl and money they are not giving but ppls accounts details are with them. Thanks

  8. No one has called easimoni and imoney. Those ones are devil advocates or incarnates. Just the day of your due date less than 30mins they are already sending messages to your contacts, these people almost made me fall into depression.
    The mistake I made was to pay back even after they had sent it out. I would have just ignored after all the deed had been done, since they had already contacted my contacts I would have just boned.
    These people are 😈 evil

  9. Thanks be to God for the fact that our government is scraping all this Loan App’s my applause to them. Lcredit and imoney are the most of them all… They don’t have any conscious at all. Their so called Customer Service Department lacks manner of approach and good customer relationship.
    I’m happy that government is waking up to this online loans Company’s.

  10. Pla investigate Aje loan, Cyclecashh, easy moni, … this ³, in particular, are very rude and pushy…my loan due on a given date and suddenly got a call from a lady interrogating me on why I haven’t paid. I did try to explain that I’m aware of the interest rate Implied after that day..aunty just vexed, she Started shouting and yelling, saying that was my plan not to pay back. She hung up by saying yo’ull get very popular soon…Few hours later I started receiving calls that i ran away with some companies money and i shouldnt be asociated with ..and also regarded personal nongranta…very bad of them…well i sent and rated 1star on google play store but it was taken down few days later…

  11. Please Lcredit…anybody that knows their office, those people are out to ruin lives…they target your work place contacts, pastors, family… they’re heartless

  12. These people are criminals. Gocash violated my privacy by sending messages to all my contacts because I asked for one day extension after the due date. Uptil today no apologies even after collecting the money the next day. Xcredit used the information I provided them to steal from my account. I sent mails upon mails none was replied. Call their number no one picked, then it dawned on me that these are illegal, unregulated thieves.

  13. They ruined my marriage, turned both families against each other. It affected my health, even my mental health. I forget things easily and most times go blank.

  14. There is one app like that called naira hub ….so inside the hub, there are VCASH, GOCASH, FAST MONEY, AND MANY MORE. Imagine VCASH lend me 6k..to return 9k in just 7days…which is outrageous there interest is much and morever you will not be notify that it was like that doing the processing. Am so happy about what the government are doing please they should not remove the embargo. Tarnishing people’s image with text messages to family and friends u can imagine.

  15. That’s a great job. This is causing a serious financial embarrassment to most of the civil servants. Those loan organizations keep sending appealing messages to catch the person’s attention, and the moment you are captured in taking their offer, the hell is the result.
    The annoying thing is that even in the night they’ll be calling your contacts feeding them with lies that you are on the run as a fraudulent star to the company and people should run away from you etc.
    It is, let something be done urgently to remedy such things and rescue the victims especially.

  16. I think these loan firms were sponsored to steal data. They get your contacts, messages, videos, pictures and everything from your phone. Am even sure the apps may embed a secret links on people’s phones after uninstalling it. The loans firms should be stopped. I actually don’t blame them, they capitalize on the weakness of our government to do whatsoever they like. Come to think of it. The loan firms are all owned by the Chinese. Pls, these companies are sponsored…

  17. Fairmoney and palm credit so many of them should arested they are not here to help the masses, how can lead me 50 thousand to repay 75 thousands naira for 2 months the interest rate is to high please you guys should do so things thanks

  18. There are also many other apps that are fradulent like, Sokoloan has 3 different apps but own by the same firm, Easy money, XCredit, Sea cash all this loan apps are so frustrating and the interest rate are on the high especially with a lot of hate speech and rude ND devastating messages that are sent to one’s contact… God bless the agency for doing the right thing.

  19. Icoin, fastcash,fastmoney,cashsea,Anyloan,Imoney,9credit ProCash,Ncash. These loan apps are quick to send defamatory messages to your contacts.Their interest rate is so high.They push people into depression.They are so heartless that you wonder if they are with no human heart.

  20. These loan companies are terrible. Government should investigate Ncash, Nextcredit,naira9ja, 9credit,okash ,xcrosscash, New credit, oxloan,fairmont, unicredit,linkcredit,found one,iou loan,Gsou,ease cash,credit all,loan naira, lucky loans, xcredit,,icredit,Branch. These loan companies don’t have regards for customers privacy and they are very rude.

  21. Sokoloan and Cashlion gang leader. They will give you and loan with 50% interest in 6 days. Keep autodebitting you, even after repaying your loan.

  22. THREAT AS URGENT: This is to inform the general public that R**th O**eh to be a RUTHLESS/ CHRONIC and UNREMORSEFUL DEBTOR who goes about COLLECTING LOAN from different COMPANY. This person is currently on the run with our company’s money(LUCKY-LOAN) and has refused to pay nor pick our calls, she even denied that she did not collect any money from any loan app when we have her full details. BE informed that this person has been declared wanted. we also found that she’s a ritualist and a kidnapper using innocent children for money ritual. Pls contact us if you have any information about this person as soon as possible, else the company will proceed to the next action, because this person provided us with all your details and if you are not aware of this loan you can as well call the person to delete your information in the app, because soon the person pictures along side your own pictures will be posted on all social media in the next FEW HOURS…..
    WE ARE LINCENCED AND APPROVED BY THE NIGERIAN GOVERNMENT.
    This is the message sent to me about spme9ne from useless company.

    MY NUMBER: 0912***”3470

    BVN:225316*****
    NUMBER: 80970***40
    AGE:21
    LOCATION WE HAVE:Federal Capital TerritoryABUJA- KUBWA ARAB ROAD
    EMAIL:ruth**[email protected]

      • Pls include Sokoloan,sells,9jacash ,this people black mailed my sibling,caused her to loose her job and still collected money from her account without permission .
        Note; they give out small loans ,within a short time to payback and outrageous interest for instance they can give a loan of 5000 naira to pay back 10000 naira ,once you delay in payment for a day they will start calling your work place, husband’s,wife, father , mother , even children and friends

  23. Yes this is so true I noticed that Go cash, starloan, sokoloan, fastmoney and few other loan apps are all owned by one company and their interest rates are just too high, I borrowed a loan of 8k for 2 weeks and I was asked to pay 12,100 , I mean that’s absurd, it’s cheating, worst of all you’ll start getting threating messages , and lies being spread about you to all your contacts and that action doesn’t respect anyone’s privacy
    Please look into sokoloan company they are theives, they make the loans easy to attain to lure people into patronizing them.
    I’ll for the outcome of your investigations . Thank you

  24. Nowcash is also one of them that exploit people of so much interest like #4000 to payback #7890,and will also post ones privacy via all social media platform.

  25. They should look for I money, I credit xcash new credit naira plus , I money sent messages to my contacts violating my privacy and also lied against me that I added them as an emergency contacts which i didn’t, these companies are frausters they will frustrate you with payment with their overdue fees once you failed to pay on the due date undermining it’s as a result of challenges, they won’t listen to any explanations yet they will tell the public that you duped their company and on the run.

    • Well, to me, I don’t have issues with them, when I borrow money from them I return it when due, I have never been embarrassed before, I see nothing wrong with online loan app, I use their money for business and return back.
      Govt should do something like this so that people can benefit from it most especially the small biz owner

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