The Federal Government speaking through the Federal Competition and Consumer Protection Commission, FCCPC, has asked Google to immediately withdraw 18 digital loan apps from the Google Play store over violating of guidelines.
The statement which was signed by the Chief executive officer of the commission, Babatunde Irukera, and issued on Wednesday, stated that these apps are operating on the Google Play store without regulatory approval.
While listing out 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.”
FCCPC noted that the listed companies, although registered, will cease to operate unless they provide a proof of compliance with the limited interim regulatory/registration framework and guidelines for digital lending, 2022.
The commission further stated that compliance with its guidelines is mandatory for all digital money lenders, and failure to comply is a violation of the law.
The statement added that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
