FCCPC Gives Google Nod To Delete 18 Loan Apps From Play Store

Google has been given permission by the Federal Competition and Consumer Protection Commission (FCCPC) to immediately remove 18 lending apps from the Play store.

Swiftcash, Easynaira, Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, Cashme, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan are some of the loan applications available.

In a news release, Mr. Babatunde Irukera, the CEO of the FCCPC, stated that the organization had just learned that certain apps had been available on the Google Play store without authorization from the appropriate authorities or in contravention of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.

According to the Guidelines, only DMLs that have passed regulatory review and compliance testing, as shown by formal Commission clearance, are permitted on Playstore. The Commission observes that, in order to reach customers outside of the Google Play store, several DMLs have turned to the usage of Android Package Kits (APK) file types.According to several of these DMLs, this looks to be a method of avoiding or avoiding regulatory compliance, he stated.

According to Irukera, all DMLs must adhere to the Guidelines, regardless of whether they plan to use APK file formats, be uploaded to the Playstore, or use any other method. He claims that failing to follow the Guidelines is against the law and makes any such operation illegal.

The head of the FCCPC announced that all authorized digital lenders will now need to revalidate their registration by providing the Commission with new information.

DMLS that operate through any channel or on any platform are expected to show proof of adherence to the Guidelines within five days of the date of this Release. Additionally, all currently operating and authorized DMLS that offer digital lending services via APK file formats in addition to Playstore are expected to present proof that such APK operations adhere to all applicable legal requirements. The Commission mandated that all previously approved DMLs or other submissions “revalidate the information provided to the Commission by filling out DL Form 01 and resubmitting the same.”