The Inter-agency Joint Regulatory and Enforcement Task Force (JRETF) has intensified investigations into the activities of digital money lenders in Nigeria.
The JREFT comprises The Federal Competition and Consumer Protection Commission (FCCPC), Independent Corrupt Practices Commission (ICPC), National Information Technology Development Agency (NITDA).
The Commission had on Friday raided some illegal financial institutions operating from their Opebi Road offices in Ikeja, Lagos, Nigeria.
A statement on Monday by the Executive Vice Chairman, JRETF, Babatunde Irukera, said that in pursuant of an order of the Federal High Court granted to the FCCPC, the JRTEF executed a search and seizure order on certain digital money lenders.
The statement read in parts: “As part of the operation, the JRETF together with the Nigerian Police Force and a bailiff of the Federal High Court searched locations of the money lenders, extracted valuable evidence and in some circumstances prohibited or restricted continuing operations.”
“Further, the Commission also entered and served wide-ranging orders on Google LLC (Play Store) and Apple Inc. (APP Store) to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers”.
Some Nigerians have complained about invasion of privacy by some of the loan apps which send out their details to different people for allegedly defaulting in repaying loans.