FGN Delists 18 Loan Apps for Violating the FCCPC Regulations

The Federal Government, through the Federal Competition and Consumer Protection Commission, has given digital money lenders five days to provide proof that they are following the regulations.

It also requested that Google remove 18 digital money lenders from the Play Store for violating its policies. Compliance with the FCCPC's rules was now required, and refusal to do so was considered an offense of the constitution, according to the FCCPC.

The 18 digital money lenders that the commission delisted and requested Google to remove were either operating without approval from regulators or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).

It stated that only digital money lenders who had undergone regulatory examination and compliance as indicated by official authorization from it were permitted to operate on Playstore.

The FCCPC delisted two lending applications, Getloan and Camelloan, from the Google Play Store on July 20, 2023, for intimidating Nigerians.

FCCPC Statement Partly Reads,

 “In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”

It was Wednesday, 2nd August 2023 that the FCCPC delisted 16 additional lending companies and requested that Google remove them as well.

Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer, announced this in a statement.

He noted that digital money lenders operating on the Playstore or in any other style must follow its requirements.

FCCPC Further 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.”

It was stated that certain digital money lenders were using Android Package Kits file formats to reach users outside of the Google Play Store to bypass or avoid regulatory compliance.

It confirmed that compliance with its requirements was required for any digital money lenders, regardless of whether they wanted to be posted on Playstore, operate using APK file formats, or through any other ways.

Statement From Babatunde Irukera

 “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.

“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.

“Also, 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 comply with the law.”

He stated that all previously certified digital money lenders, as well as all other types of lenders, have to revalidate their details with the commission.

Infractions or misconduct of its standards, he noted, might result in permanent delisting and ban, as well as legal action, including arrest.