The Federal Government recently instructed Google to remove some loan apps from Play Store for violations of its guidelines. This was revealed by the Federal Competition and Consumer Protection Commission, FCCPC.
The FCCPC noted that compliance with its guidelines was now mandatory, and failure to do so was a violation of the law.
It also noted that the delisted loan apps were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
FCCPC lists deleted loan apps
In a statement, The Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera listed the app to include the following:
- Joy Cash-Loan Up to 1,000,000
- Moneytreefinance Made Easy
- Luckyloan Personal Loan
- Hen Credit loan
- Nut loan
Other apps include Cash Door, Cashpal, and Nairaeasy gist loan. Irukera further noted that “Compliance with the guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats or any other means for that matter. Failure to comply with the Guidelines is a violation of law and renders any such operation illegal.”
The commission added that “Digital Money Lenders operating by any means or on any platforms whatsoever are hereby required to provide evidence of compliance with the guidelines within five days from the date of this release.”
Irukera stressed that all existing and approved DMLs providing digital lending services through APK file formats in addition to Playstore, are required to provide evidence that such APK operations are in compliance with the law.
He also stressed that previously approved digital money lenders or otherwise, must endeavor to revalidate their information with the commission.
Recall that FCCPC had earlier delisted two loan apps, Getloan and Camelloan from Google Play Store for harassing Nigerians.
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