The offices of the loan agency was stormed by the Federal Government of Nigeria on Friday March 10, 2022. These seven companies are; GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan. Of the six agents, the operation was led by the Federal Competition Consumer Protection Commission (FCCPC), cooperating with the Independent Corrupt Practices and other related offenses Commission (ICP), the National Information Technology Development Agency (NITDA), and the Nigeria Police Force.
This comes after NITDA fined one of the contrived companies, Sokoloan, in August 2021, for the same case.
According to FCCPC’s CEO, Babatunde Irukera, research began in 2020, and this invasion is a fulfillment of that.
On the measures they used, he said, “The fundamental two things that were a matter of reference were what seems to be the naming and shaming infringement of people’s privacy concerning how these lenders retrieve their loans.
“However, the stake rate seems to be an infringement of the ethics on how lending is done. So, those were the two things that we set out to scrutinize for.” The adoption and execution of data protection and privacy laws in Nigeria seem to be attaining momentum and are creating more awareness around it. Hopefully, more moves are made to safeguard citizens’ privacy.