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FCCPC orders Flutterwave, Opay, Paystack to stop servicing loan sharks

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The Federal Government has ordered financial technology companies (FinTechs) to stop providing payment and transaction services to digital money lenders.

The order affects loan sharks being investigated by the Federal Competition and Consumer Protection Commission .

Irukera directed FinTechs including Flutterwave, Opay, Paystack and Monify to desist from servicing digital lenders under probe. Irukera informed the public that the Federal High Court already empowered the commission to search and seize properties of subjects of investigation. “It covers a significant share of the digital or online lending market, and is one of the most prolific actors in violating consumer privacy, fair lending terms and ethical loan repayment/recovery practices”, he said.

 

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