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The federal government of Nigeria has finally begin crackdown on online loan apps flaunting as lenders in Nigeria.

 

According to the government, the online loan companies have caused a lot of damages in the country through badging of peoples privacy, breaking Nigeria’s data laws among others.

 

As a result of this, the federal government, in other to protect the interest of Nigerians from these online loan apps and their unlawful practices, has listed two major things it is set in motion against them.

1. Written to Apple and Google stores The federal government says it has written global app companies asking them to suspend the operations of the online banks.

Categorically, the FG has written to Apple and Google stores to close online loan apps down so that people will no longer be victimised.

The FG noted: “In addition to what you are seeing here today, the FCCPC has also issued multiple orders today. Two of them are going to vendors: Apple and Google stores where some of these apps are available. We have asked them to shut these companies’ apps down so that people will not be victimized anymore.”

2. Closedown their accounts. Many Nigerians have accused some Nigerian commercial banks for friending these shylock loan companies. To many people, these banks allows the loan companies to feast on Nigerians.

FG has also gone along this line of thoughts and has now demand that these banks to closedown the accounts of the illegal loan companies. The federal government added: “Secondly, some of them (the orders) have gone to the bank, asking them to freeze the accounts used by these people.”

had announced that alot Nigerians are battling high blood pressure as a result of the activities of unprincipled online loan sharks taking advantage of the economic situation of the country.

These criminal loan sharks that parade google playstore have become specialist in blackmail and unabashed invasion of peoples privacy.

They have been accused of employing different types of ill-mannered and uncivilized characters as workers.

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