FG Delists 18 Illegal Loan Apps, Vows More Clampdowns

The Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory approval.

A statement by Babatunde Irukera, the Executive Vice Chairman of the Commission, said this on Wednesday in Abuja.

The statement read: “The 18 digital money lenders that it delisted, and asked Google to delete, were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).

The Commission added that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it were allowed on Playstore.

“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.”

He stated that some digital money lenders were relying on Android Package Kits file formats to reach consumers outside of the Google Play store, to evade or avoid regulatory compliance.

Insisting that compliance with its guidelines was mandatory for all digital money lenders, regardless of whether they intended to be placed on Playstore, Irukera said

‘’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 are in compliance with the law.”