The federal government on Wednesday has disapproved additional illegal 18 loan apps over violation of registration rules
Consequently, the Federal Competition and Consumer Protection Commission (FCCPC) asked Google to delete the 18 digital money lending companies’ (DMLs) apps from the Play Store.
The commission made this known in a statement issued on Wednesday, signed by Babatunde Irukera, its chief executive officer (CEO).
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).
It noted that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed on Playstore.
The deleted apps include; Getloan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, and Joy Cash-Loan Up to 1,000,000.
Others are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan; Nut loan; Cash door; Cashpal, and Nairaeasy gist loan.
FCCPC said the aforenamed 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, therefore, gave the DMLs five days to submit proof.
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.
It added that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
The FCCPC, recently 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.
The consumer body also urged all existing and approved DMLs providing digital lending services through APK file formats in addition to Play Store, to provide evidence that such APK operations are in compliance with the law.
The FCCPC added that all previously approved DMLSs or otherwise must “revalidate the information provided to the commission by filling DL form 001 and resubmit the same to: lenderstaskforce@fccpc.gov.ng“.
The commission said companies that refuse to adhere to the directive will be permanently delisted and prohibited, and subjected to a law enforcement action, including prosecution.
