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HomeBusinessFG blocks mobile payment, telecoms network access to online loan firms

FG blocks mobile payment, telecoms network access to online loan firms

The Federal Competition and Consumers Protection Commission, FCCPC, has directed payment systems operators, PSOs, such as Flutterwave, Opay, Paystack and Monify, as well as telecommunication companies, including Mobile Network Operators, MNOs, in Nigeria to stop providing support that enables the operations of illegal digital money lenders, also known as money sharks, in Nigeria.

Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera, who disclosed this yesterday, in Lagos, when the Commission conducted enforcement actions against a loan shark known as Soko Lending Limited, added that FCCPC has secured orders to disable or diminish violators’ ability to circumvent regulatory efforts to protect citizens.

He also announced that a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending has been developed and adopted by the inter-agency Joint.

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Source: Vanguard News

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