The Federal Government says Google should stop the operations of 18 digital loan-apps by not accommodating the apps at Google-owned Play Store.
The government made the demand through the Federal Competition and Consumer Protection Commission (FCCPC), saying that the identified 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).
The commission on Wednesday stated that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it are allowed on Play Store.
The FCCPC said that “Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw, or drawdown the following loan 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.”
It further stated that compliance with its guidelines is mandatory for all digital money lenders, and failure to comply is a violation of the law, adding that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
Recall that the FCCPC has been clamping down on loan apps recently for operating illegally or/and harassing Nigerians. On July 20, the commission delisted some registered digital money lenders for breaking its rules.
Source: My Dailybells
