{"id":211030,"date":"2022-08-18T22:24:34","date_gmt":"2022-08-18T21:24:34","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=211030"},"modified":"2022-08-18T22:24:34","modified_gmt":"2022-08-18T21:24:34","slug":"fccpc-orders-flutterwave-opay-paystack-to-stop-servicing-loan-sharks","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/08\/18\/fccpc-orders-flutterwave-opay-paystack-to-stop-servicing-loan-sharks\/","title":{"rendered":"FCCPC orders Flutterwave, Opay, Paystack to stop servicing loan sharks"},"content":{"rendered":"<p>Financial technology companies (FinTechs) have been ordered by the federal government to stop offering payment and transaction services to digital money lenders.<\/p>\n<p>The order affects loan sharks being investigated by the Federal Competition and Consumer Protection Commission (FCCPC).<\/p>\n<p>Babatunde Irukera, Executive Vice Chairman, spoke to reporters on Thursday during enforcement at the premises of some lenders in Lagos.<\/p>\n<p>Irukera ordered FinTechs such as Flutterwave, Opay, Paystack, and Monify to stop servicing digital lenders <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/11\/fg-rejects-flour-mills-flutterwaves-tax-holiday-applications\/\">under investigation<\/a>.<\/p>\n<p>Furthermore, Mobile Network Operators (MNOs) were instructed to cease providing server, hosting, and other services to the companies.<\/p>\n<p>Irukera informed the public that the Federal High Court already empowered the commission to search and seize properties of subjects of investigation.<\/p>\n<p>\u201cThe information available to the commission demonstrates that <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/07\/fg-reveals-why-it-reduced-mambilla-power-project-from-3500mw-to-1500mw\/\">Soko Lending appears<\/a> to be the most consequential digital money lender with multiple apps and brand names.<\/p>\n<p>\u201cIt 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\u201d, he said.<\/p>\n<p>The FCCPC recalled that the commission, on March 11, 2022, carried out a similar enforcement with respect to multiple lenders.<\/p>\n<p>Irukera observed that the agency\u2019s action had reduced the unethical, obnoxious and unscrupulously exploitative practices in the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial technology companies (FinTechs) have been ordered by the federal government to stop offering payment and transaction services to digital money lenders. The order affects loan sharks being investigated by the Federal Competition and Consumer Protection Commission (FCCPC). Babatunde Irukera, Executive Vice Chairman, spoke to reporters on Thursday during enforcement at the premises of some [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":211033,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[12117,7198,44429,44427,10257,44428],"class_list":["post-211030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fccpc","tag-flutterwave","tag-loan-sharks","tag-opay","tag-orders","tag-paystack"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FCCPC orders Flutterwave, Opay, Paystack to stop servicing loan sharks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/08\/18\/fccpc-orders-flutterwave-opay-paystack-to-stop-servicing-loan-sharks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCCPC orders Flutterwave, Opay, Paystack to stop servicing loan sharks\" \/>\n<meta property=\"og:description\" content=\"Financial technology companies (FinTechs) have been ordered by the federal government to stop offering payment and transaction services to digital money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/08\/18\/fccpc-orders-flutterwave-opay-paystack-to-stop-servicing-loan-sharks\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta 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