• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home News

FG Orders Fluttervave, Opay, Paystack to Restrict Loan Apps from Payment Services

by Justice Godfrey Okamgba
August 23, 2022
in News
0
UBA
Advertisements

The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has ordered Flutterwave, Opay, Paystack, and Monify to stop rendering payment services to loan Apps under investigation.

The Commission said its investigations revealed that the listed Apps – Maxi Credit, Here4U, ChaCha, and SoftPay, were all under investigation for unethical practices and breaches of consumer privacy.

Specifically, it mentioned Soko Loan as the company behind several other Apps being used to circumvent the efforts of the Commission in ensuring privacy.

Reacting to this development, Executive Vice Chairman of the FCCPC, Babatunde Irukera, said: “The information available to the Commission demonstrates that Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names covering a significant share of the digital/online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms, and the ethical loan repayment and recovery practices.”

“The commission has ordered all operating payment systems including Flutterwave, Opay, Paystack, and Monify to immediately cease and desist providing payment or transaction services to lenders under investigation or not otherwise operating with applicable regulatory approvals.

The Commission has also ordered telecommunication/technology companies (including Mobile Network Operators (MNOs) to cease and desist providing server/hosting, or other key services such as connectivity to disclosed or known lenders who are targets/subjects of investigation or otherwise operating without regulatory approval,” he said.

TechEconomy recalls the National Information Technology Development Agency (NITDA) fined Soko Lending Company Limited (Soko Loans) the sum of N10 million for privacy invasion in August 2021.

Soko loan app was subsequently removed from the App store following the request of the FCCPC.

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: FlutterwaveLoan AppsPayStack
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post

Edo Agri Digital Innovation Hub Launches, Hello Tractor Joins

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

NITDA Boss Lays out Nigeria’s Blockchain Adoption Strategies to Over 1500 Participants at Developers’ Summit

3 years ago
IIF and FRANK AIGBOGUN

IIF Appoints Frank Aigbogun as Board Chairman

5 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.