The Federal Competition and Consumer Protection Commission (FCCPC) has ordered Google to remove 18 loan apps from the Google Play store.
According to the FCCPC, the apps were operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
It explained that only digital money lenders with written approval from the commission were allowed on the Play Store.
Compliance with the guidelines was mandatory for all digital money lenders, and failure to comply is a violation of the law.
It warned that infractions may result in permanent delisting, prohibition, and law enforcement action, including prosecution.
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Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw, or drawdown the following apps:
FCCPC’s statement read:
“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.”
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