FG Shuts Easymoni, Okash, KashKash, Other Online Banks Over Consumers Rights Abuse, Freezes Business Accounts

The Federal Competition Consumer Protection Commission (FCCPC) in conjunction with the Independent Corrupt Practices Commision(ICPC) and the National Information Technology Development Agency(NITAD) have raided some loan application platforms over consumer rights abuse. Some of the raided companies included; GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni. Leading the raid on some loan application firms in Lagos today, Executive Vice Chairman and Chief Executive Officer of FCCPC, Mr. Babatunde Irukera said the growing number of consumer complaints on the activities of loan application platforms in relation to privacy infringement and…

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FG to introduce mandatory savings scheme for Nigerians

The Federal Government mulling over the report of the Working Group on National Savings Scheme that has proposed a mandatory savings scheme for all Nigerians between 18 to 50 years of age, as the Federal Government seeks ways of mobilizing funds to boost the national economy. The Working Group which presented its report to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed in Abuja yesterday advised the government against making it mandatory for corporate bodies to save. Dr. Ore Sofekun, CEO Foothold Advisors, who presented the report…

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Tired of loan sharks? Check out some CBN approved  payday loan offers

Nigerians looking for a quick influx of cash to meet expenses have various options to shop for the best loans to suit their needs amongst licensed commercial banks.   Rather than going to loan sharks or borrowing from questionable loan applications sites, these payday loan offers may be great for you, particularly if you are a salary earner.   Nairametrics reported that the Central Bank of Nigeria told individuals in need of funds to desist from borrowing from loan sharks and go to banks instead.   To access a loan for your business, the Central Bank Governor stated that “you don’t need…

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