The Federal Government has, through the Federal Competition and Consumer Protection Commission (FCCPC), asked Google to delete some loan apps from its popular mobile application platform, Playstore.
NewsTimes understands that the FCCPC accused the 18 digital money lending platforms of operating on the Google Play store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
The commission maintained that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed to appear on Google Play Store.
Listing the deleted apps on Wednesday, the FCCPC said, “Accordingly, the Commission has entered a further order requiring Google to remove, withdraw immediately, 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 Federal Government agency reiterated 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.
NewsTimes understands that the FCCPC has been clamping down on loan apps operating illegally or/and harassing Nigerians in recent times.
On July 20, 2023, it delisted some registered digital money lenders for breaking its rules.