Federal Government Shut EasyCredit, Kashkash, Other Online Banks.
The federal government has shut down some illegal financial institutions operating in some parts of Lagos State. The illegal financial institutions were shut down following customers’ complaints of malpractices and invasion of privacy. In a chat with reporters on Friday, the Chief Executive Officer, Federal Competition Consumer Protection Commission (FCCPC), Babatunde Irukera, said the illegal online banks were situated in Opebi Road, Ikeja area of Lagos. Irukera listed some of the illegal quick loan companies raided as GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni. He disclosed that the raid was carried out by FCCPC, the Independent Corrupt Practices and other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA), and the Nigerian Police Force. Irukera said the illegal institutions were accused of violating customers’ privacy in their debt recovery drive, adding that investigations into the allegatio...