The Federal Government has explained why its agencies are shutting down some illegal online banks as they intensify their enforcement drive on unlicensed online money lenders across the country.
This is coming some months after the government set up a joint committee to investigate rights violations and unfair practices in the money lending industry and subsequently shut them down.
The federal government said that these money lenders who were not registered with the Corporate Affairs Commission (CAC), were engaged in activities that were against the rights of Nigerian consumers.