The Federal Competition and Consumer Protection Commission (FCCPC) has as part of its wide-ranging orders against unlicensed and illegal online money lending banks, has instructed them to stop compounding interest and loan collection practices that are presently undergoing investigations.
This is as Nigerians have reacted to its ongoing enforcement exercise across the country against these illegal online banks with their unfair practices with the shutting down of some of these firms.
Irukera in the statement warned that violators of this order will be subjected to the full extent of the law including prosecution (without option of administrative regulatory resolution).
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