Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has asked Google to remove 18 lending apps from Play store for failing operating without the requisite regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
The 18 loan apps ordered to be deleted are Cashpal, Getloan, Cashlawn, Joy Cash-Loan, Camelloan, Nairaloan, Eaglecash, Swiftcash, Moneytreefinance Made Easy, Easynaira, Cashme, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Nairaeasy gist loan and Luckyloan.
Speaking on this development, the Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, said “Under the Guidelines, only DMLs that have undergone regulatory scrutiny and compliance as evidenced by written approval from the Commission are permitted on Playstore.” The Commission observes that some Digital Money Lenders (DMLs) have resorted to the usage of Android Package Kits (APK) file types in order to reach consumers who are not available through the Google Play store. This appears to be a device used by some of these DMLs to avoid or evade regulatory compliance
He also stated that compliance with the FCCPC Guidelines is required for all Digital Money Lenders (DMLs), regardless of whether they aim to be posted on Playstore, use APK file formats, or any other ways. Failure to comply with the Guidelines, he claims, is a violation of the law and renders any such operation illegal..