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Illegal loan apps use PSSPs to executive transactions – FCCPC



PoS service charge price fixing not collaborative approach – FCCPC

A recent NewsNow report stated that the NIBSS had requested Deposit Money Banks to remove PSSPs from their outward payment channels. Despite these efforts, the FCCPC stated that it is challenging to completely halt the operations of PSSPs.

Irukera explained that DMLs, which operate online, utilize PSSPs wallets when their bank accounts are frozen. Additionally, in response to allegations on X that FCCPC officials were receiving bribes from illegal DMLs to allow them to continue operating, Irukera denied the claim and emphasized the difficulty in completely stopping the operations of digital lenders.

He highlighted the challenge of trying to prevent the continuous emergence of DMLs operating in different locations on the internet using APKs and added that the DMLs resort to wallets through PSSPs when their bank accounts are frozen. He also clarified that the issue has nothing to do with bribes.

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