The Federal Competition and Consumer Protection Commission (FCCPC) has called upon Google to take action and remove 18 digital loan apps from the Google Play store.
These apps have been flagged for either lacking regulatory approval or violating the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
According to the FCCPC, only digital money lenders that have undergone regulatory scrutiny and possess written approval from the commission should be allowed on the Playstore. In response to this directive, the FCCPC provided a list of the apps that Google must immediately remove, including names like “Getloan,” “Joy Cash-Loan Up to 1,000,000,” “Cashlawn,” and others.
The commission stressed that adherence to its guidelines is obligatory for all digital money lenders, and failure to comply constitutes a legal violation. Such infractions may result in permanent delisting and prohibition from the Playstore, and the possibility of facing law enforcement action, even prosecution.
In recent times, the FCCPC has been actively targeting illegal loan apps and those engaging in harassment of Nigerian citizens. In fact, on July 20, 2023, the commission had already taken action by delisting some registered digital money lenders for non-compliance with its rules.
