The Federal Government through the Federal Competition and Consumer Protection (FCCPC) has issued a five-day ultimatum to digital money lenders to prove they are operating within its set guidelines.
It also asked Google to delist 18 digital lenders from Playstore for violations of its guidelines. The FCCPC said that compliance with its guidelines was now mandatory, and failure to abide by them was a violation of the law.
The commission added that the 18 digital lenders that it delisted and asked Google to delete, were either functioning without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
It stated that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it were permitted on Playstore.
Recall that the FCCPC had on July 20, 2023, delisted two loan apps, Getloan and Camelloan, from Google Play Store for harassing Nigerians.
At the time, the FCCPC said, “In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”
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On Wednesday, the FCCPC further delisted 16 more loan firms and asked Google to delete them too.
The Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, stated this in a statement.
He stated digital money lenders operating on Playstore or through any other format must comply with its guidelines.
Listing the deleted apps, 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.”
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