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Breaking!! FG Sets To Deal With Over 100 Loan Apps, Declares Them Illegal

The federal government through the Minister of Communications and Digital Economy in Nigeria Isa Ali Pantami finally declares unlicensed lending companies using digital platforms illegal., pub-1800157631388084, DIRECT, f08c47fec0942fa0

On Friday, 21 January in a conversation with the minister on public matters guiding the digital industry, the issue of online loan apps was raised. The federal government in a memorandum issued by the National Information Technology Development Agency (NITDA) regarding the lending acts guiding financial institutions and organizations has assured Nigerians that these illegal operators would be dealt with accordingly.

FG Sets To Deal With Over 100 Loan Apps, Declares Them Illegal

He further elaborated on a 7 man panel consisting of the EFCC, ICPC, CBN, and IFPAS that has been set up to further investigate the nefarious activities of these organizations who are behind these phony apps operating against the confines of the money lending acts.

All unlicensed platforms would be drawn towards the google play and App store policy review guiding lending platforms in Nigeria. No lending platform shall be allowed to upload applications or utilize any form of Google or Apple services without a registered license from the federal government.

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Recall that there have been several complaints and petitions by Nigerians over the defaming tactics, information theft, and spoofing used by these lending platforms popularly referred to as “Loan Sharks” some go as far as blackmailing and carrying out criminal activities using these platforms. Here is the complete list of illegal lending platforms to avoid in 2022

Kalu Amarachi

Kalu Amarachi is an intern journalist with a keen interest in digital journalism, creative writing and story telling

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  1. They are thieves in disguise, they have sent many people an early grave… They will write on Google 180days ,91days wen u download & register u will see only 7days or 10days to pay back which they will charge you 70% 60% & 50% of any amount u borrowed ,, b4 u know it you will end up borrowing from different apps to settle them…. This is very bad I am a living witness, they reduce me to nothing

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