In a significant move to curb the activities of unregulated Digital Money Lenders (DMLs), the Federal Competition and Consumer Protection Commission (FCCPC) has directed Google Limited Liability Company (LLC) to expel 18 apps from its Playstore. These DMLs, often referred to as loan sharks in Nigeria, have faced scrutiny for their questionable practices, customer intimidation, and unconventional approaches to loan recovery.
The newly ordered removal includes apps such as Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.
FCCPC's Executive Vice Chairman/CEO, Mr. Babatunde Irukera, highlighted that these apps were not part of the initial delisting on July 20th, 2023. The regulatory body's statement emphasized ongoing investigations and audits to ensure compliance with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
The Commission is actively engaging with Google to understand how and why these unapproved apps are accessible on the Playstore. According to FCCPC, only DMLs that have undergone regulatory scrutiny and obtained written approval are permitted on the platform.
The statement also raised concerns about some DMLs resorting to Android Package Kits (APK) file formats to reach consumers outside the Google Playstore, a potential attempt to sidestep regulatory compliance.
This latest move underscores FCCPC's commitment to safeguarding consumers from the potential risks associated with unregulated digital lending. As the regulatory landscape evolves, the Commission remains vigilant in enforcing guidelines to ensure a secure digital lending environment.
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