Why We Want Google To Delete 18 Loan Apps Operating In Nigeria – FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) says it has sent a request to Google to remove 18 more digital loan apps from its Play store because they violated regulatory rules.
The commission also stated that those apps were operating on the Google Play store without regulatory approval in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 .
It noted that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed on Play store.
Listing the deleted apps on Wednesday, the FCCPC said, “Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw, or drawdown the following apps:
“Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.”
The commission further stated that compliance with its guidelines is mandatory for all digital money lenders, and failure to comply is a violation of the law.
It added that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
Recently, the FCCPC has been clamping down on loan apps operating illegally or/and harassing Nigerians. On July 20, 2023, it delisted some registered digital money lenders for breaking its rules