The Federal Competition and Consumer Protection Commission (FCCPC) has issued a directive to Google, calling for the immediate removal of 18 digital lending companies from its PlayStore and related platforms.
Babatunde Irukera, CEO of FCCPC, in a statement said the Commission had identified these companies as operating without the necessary regulatory approval. “They were also found to be in violation of the interim guidelines established for digital lending practices”, the statement highlighted.
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.
Irukera noted a concerning trend where some Digital Lending Companies are resorting to the use of Android Package Kits (APK) file formats to target consumers outside the Google Playstore environment. This manoeuvre potentially allows them to bypass regulatory oversight, he siad.
Irukera also stressed the gravity of not 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.
