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The Federal Competition and Consumer Protection Commission (FCCPC) has barred all financial technology companies from providing payment or transaction services to online money lenders known as ‘loan sharks’.

 

Some of the affected online money lending banks include GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni.

 

Earlier, the Federal Government of Nigeria in a raid by its joint committee investigating rights violations and unfair practices, had shut down some illegal online money lenders, March 11, 2022.

 

The government disclosed that most of these online money lenders did not register their platform with the Corporate Affairs Commission (CAC) and also engaged in activities that were against the rights of Nigerian consumers.

 

Also, the interest rates charged by these online institutions violated the ethics of how lending is done.

 

They offer short-term loans to help subscribers meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.

 

These online banks charged interest rates that violate the ethics of how lending is done and were involved in naming and shaming which is a violation of people’s privacy with respect to how these lenders recover loans, among other violations.

 

Some of these online lenders who have been subjected to investigation devise methods to leverage technology and other financial services alternatives, to circumvent account freezing and app suspension.

 

Babatunde Irukera, the executive chairman of FCCPC, stated that the commission has given an order to telecommunications and technology companies to stop providing servers or connectivity to these online money lenders.

 

He also stated that Sokolending, a Chinese loan shark backed by Phillips Consulting is being investigated by the federal government for its role in facilitating the loan shark’s operations appears to be the most notorious digital money lender in the country.

 

“It covers a significant share of the digital or online lending market, and is one of the most prolific actors in violating consumer privacy, fair lending terms, and ethical loan repayment/recovery practices.

 

“With the operations today, the commission expects an appreciable additional reduction in these unacceptable practices. The commission has also today entered further Orders that will disable or diminish violators’ ability to devise circumvention efforts or alternative mechanisms to circumvent the objective of the investigation and protection of citizens,” Irukera said.

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Business

Fidelity Bank Wins Best SME Bank Nigeria at Global Banking & Finance Awards 2022

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Fidelity Bank Plc, has been announced as the 2022 Best SME Bank in Nigeria by the Global Banking & Finance Review at its Annual Global Banking & Finance Awards which held in London, UK recently.

 

Global Banking & Finance Review is the leading online, digital, and print magazine for the banking and financial sector. The website receives over 7 million page views each year thanks to its balanced views and informative, independent news centered on the financial sector. The Global Banking & Finance Awards was created to recognize companies of all sizes that are prominent areas of expertise and excellence within the global financial community.

 

“Global Banking and Finance Review is privileged to honor those financial institutions that have achieved outstanding results and who stand out in their particular area of expertise in the banking and finance industry. Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success.

 

“The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. They reflect the involvement of leading financial organizations and recognize the accomplishment, achievement, innovation, strategy, and progressive and motivating changes taking place within the financial sector”, reads a statement on the Global Banking and Finance Awards website.

 

Commenting on the award, MD/CEO Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said, “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for scaling their business. Receiving this award at the beginning of the year, provides us with increased motivation to do more in helping our clients achieve their strategic business goals.”

 

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.2 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa in the Global Finance’s World’s Best Private Banks 2023 Awards; as well as the Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Buhari Will Commission Dangote Refinery Before May 29 -Dangote Group

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The attention of Dangote group has been drawn to some misleading reports regarding the commissioning of its Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.

 

In a terse statement signed by the Group Chief, Branding & Communications Officer, Dangote Industries Limited, Mr Anthony Chiejina, the Group averred that “We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.

 

“For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.

 

However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event.”

Before this statement today, Business Hilights recalls that there had been a fake news in an unverified twitter handle saying President Buhari will among other things commission the refinery which the company debunked and described as fake.

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