The Federal Government, via the Federal Competition and Consumer Protection Commission, has requested Google to take down 18 additional digital loan apps from the Google Play store.
The commission stated that these apps are 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).
Recently GOVIMA reported that 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.
It noted that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed on Playstore.
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 emphasised that adherence to its guidelines is compulsory for all digital money lenders, and any failure to comply will be considered a violation of the law.
The commission also warned that any infractions or violations may result in permanent delisting and prohibition, along with potential law enforcement actions, including prosecution.
