FCCPC Bars Flutterwave, Opay, Others From Providing Services To Online Loan Sharks

TECHDIGEST – The Federal Competition and Consumer Protection Commission (FCCPC) has barred all financial technology companies (FinTechs) from providing payment or transaction services to online money lenders under its investigation.

The identified FinTechs such as Flutterwave, Opay, Paystack and Monify were said to be operating payment systems and providing services to such online lenders under its investigation or not operating with applicable regulatory approvals.

This is coming several months after the commission had ordered Google and Apple to enforce the withdrawal of these money lending applications from their stores where evidence of inappropriate conduct or use of the application in violation of the rights of consumers has been established.

This was made known by the Executive Chairman of FCCPC, Mr Babatunde Irukera, during a chat with journalists while on an enforcement exercise on some of the digital money lenders on Thursday in Lagos.

Irukera said the commission also ordered telecommunication and technology companies which include Mobile Network Operators (MNOs) to stop providing server, hosting or other key services such as connectivity to such disclosed or known lenders.

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