Wallets on Payment Solution Service Providers’ platforms are used by a number of illicit digital money lenders (DMLs), sometimes referred to as loan apps, according to the Federal Competition and Consumer Protection Commission (FCCPC).
This was recently revealed by Babatunde Irukera, the CEO of the Commission, in response to a request made by the Nigeria Inter-Bank Settlement System for banks to remove PSSP, Switches, and other payment methods from their lists.
Four days ago, It was reported that NIBSS asked Deposit Money Bank to delist PSSP from its outward payment channels.
Nevertheless, despite its best efforts, the FCCPC stated that it is challenging to stop PSSP operations.
He claims that although the DMLs do business online, once their bank accounts are closed, they transfer their transactions to PSSP wallets.
Additionally, in response to a post on X that claimed FCCPC officials were accepting payments from illegal DMLs to enable them to continue operating, Irukera called the claim untrue and added that there was no way to halt the activities of the digital lenders.
“DMLs cannot be stopped from functioning. They use APKs to appear every day in various locations on the internet, and they use PSSP wallets to function when bank accounts are locked. Every day we pursue them, but we will never be able to stop them all. Please, have nothing to do with bribery.