The House of Representatives on Thursday unveiled plans to investigate alleged sharp practices levelled against operators of unregulated online fintech lending companies and abuse of mobile digital loan applications in Nigeria.
The resolution was passed sequel to the adoption of a motion on a matter of urgent public importance sponsored by Hon. Ahmad Satomi, who solicited for the House intervention.
In his lead debate, the lawmaker expressed grave concern over the proliferation of online loan apps across Nigeria by some fraudulent and unscrupulous profiteers affecting many low-income Nigerians, who are coerced to borrow and get trapped in the web of sham loan apps .
The House thereafter mandated the joint Committees on Banking and Currency, Financial Crimes and Telecommunications to investigate the alleged sharp practices and abuses by fintech and online mobile digital loan apps and companies in Nigeria and report within four weeks.