Federal Competition and Consumer Protection Commission (FCCPC) has instructed Google to promptly eliminate 18 digital lending firms from its Play Store and associated platforms.
According to a statement by Mr. Babatunde Irukera, the CEO of FCCPC, these companies were pinpointed by the Commission for lacking the required regulatory authorization and for breaching the interim guidelines set for digital lending operations.
Among the list of affected entities are Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, and Eaglecash. Additional names include Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.
Irukera said FCCPC’s will continue to engage in discussions with Google in order to gain insight into the presence of these companies on the Google Play store.
The CEO underscored the importance of obtaining proper authorisation from the commission before Digital Lending Companies are allowed to operate.
He observed a worrisome pattern in which certain Digital Lending Enterprises are adopting Android Package Kits (APK) file formats to reach out to customers beyond the confines of the Google Play store. This tactic potentially enables them to evade regulatory scrutiny, he pointed out.
Irukera’s stressed the gravity of adhering to the commission’s guidelines. He warned that non-compliance renders the activities of these companies illegal.
In a bid to ensure compliance, FCCPC has granted a five-day grace period for companies operating on any platform to furnish verifiable evidence showcasing their adherence to the Guidelines.
Furthermore, the Commission has stipulated that all Digital Lending Companies currently approved and operating through APK file formats must furnish proof that their APK Operations are fully compliant with the legal framework.
RN
