Okash, GoCash, Easy Moni, Kashkash And Other Loan Apps Shut Down By FG, Business Accounts Freezed

 GoCash, Okash, Easy Moni, Speedy Choice, Kashkash, and other online loan application platforms popularly called Loan sharks have been shut down by the Federal Competition Consumer Protection Commission (FCCPC) in conjunction with the Independent Corrupt Practices Commission(ICPC) and the National Information Technology Development Agency(NITAD).

The Executive Vice Chairman and Chief Executive Officer of FCCPC, Mr. Babatunde Irukera while leading the raid on the loan application firms in Lagos, posited that the growing number of consumer complaints on the activities of loan application platforms in relation to privacy infringement and high-interest rates informed FCCPC’s decision to carry out the raid.

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Orukera averred that a situation whereby loan application platforms would send names and pictures of loan defaulters to all their telephone Contacts without following due process and in a manner that suggests naming and shaming will no longer be tolerated.

While lamenting that majority of the company’s operations are illegal as they are not licensed with the required agencies (CAC, CBN) to carry out financial transactions in the country, the FCCPC DG attributed the rise in the number of loan application platforms to the COVID-19 lockdown, which affected a lot of households, with them needing soft loans.

The FCCPC and the aligning agencies during the raid recovered working tools, including laptops from the loan sharks to aid their investigation.