FG Shutdown, GoCash, OKash Other Illegal Online Loan Firms

The Federal Government of Nigeria has shut some illegal financial institutions operating on Opebi Road, Ikeja, Lagos for “possible violation” of consumer rights.

Blaze Newz gathered that – GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni – owned by Blue Ridge were all shutdown.

The Federal Competition Consumer Protection Commission, in a joint operation with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force, raided these institutions.

According to the FCCPC, the shutdown was in response to customers’ complaints of malpractices by the financial institutions.

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The Chief Executive Officer, FCCPC, Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.

Irukera said the agency had begun investigations into the allegations since 2020.

He said, “This information started quite a while ago. Some time ago, when the country was on lockdown in 2020 due to the pandemic, we started seeing the rise in money lenders”