…names 18 loan apps violating digital lending guidelines
Some loan apps without regulatory approvals in Nigeria will be removed from the Google Playstore as the Federal Government through the Federal Competition and Consumer Protection Commission has asked Google to remove them.
The commission stated that 18 digital loan 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.
Listing 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.”
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.
Recently, the FCCPC 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.
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