The Federal Competition and Consumer Protection Commission (FCCPC) has requested that Google remove 18 Digital Money Lending (DMLs) companies’ apps from the Play Store due to registration regulations violations.
The commission said in a statement issued on Wednesday and signed by its CEO, Babatunde Irukera.
Getloan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, and Joy Cash-Loan Up to 1,000,000 are among the DMLs.
Others are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan; Nut loan; Cash door; Cashpal, and Nairaeasy gist loan.
The FCCPC stated that, although being registered, the aforementioned organizations will cease operations until they present proof of conformity with the restricted interim regulatory/registration framework and rules for digital lending, 2022.
As a result, the commission granted the DMLs five days to present documentation.
This was owing to a rise of unauthorized loan recovery methods and procedures used by some operators.
“The commission entered an order to Google LLC (Google) to remove the same from the Play Store, and prohibited payment gateways or services from providing or continuing services to the affected businesses,” the statement reads.
“The commission, as part of its continuing investigation and audit, has identified additional apps operating on the Google Play Store without regulatory approval or in violation of the guidelines.”
As a result, the FCCPC stated that it has asked “Google to immediately remove, withdraw, or drawdown” the aforementioned apps.
“The commission will continue engaging Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (Play Store),” the consumer agency said.
“Under the guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the commission are allowed on Play Store.”
