The Federal Competition and Consumer Protection Commission (FCCPC) says it has ordered all financial technology companies (FinTechs) to stop providing payment or transaction services to digital money lenders under its investigation. Mr Babatunde Irukera, Executive Vice Chairman of the commission, disclosed this to newsmen on Thursday during an enforcement action on some of the digital money lenders in Lagos. He identified such FinTechs to include Flutterwave, Opay, Paystack and Monify which are operating payment systems and providing services to such digital lenders under its investigation or not operating with applicable regulatory approvals. 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. According to him, the Federal High Court empowers the commission to search and seize properti...
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