FG asks Google to remove Joy, 17 other loan apps
The Federal Competition and Consumer Protection Commission (FCCPC), on Wednesday, appealed to Google to remove from the Google Play Store 18 additional digital loan apps for operating on the store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
The FCCPC stated that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it should be 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,” the commission wrote.
The FCCPC stated that compliance with its guidelines is mandatory for all digital money lenders, and failure to comply is a violation of the law.
The commission said that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
The FCCPC has, in recent times stepped up its enforcement and regulatory activities over the loan apps operating illegally or/and harassing Nigerians. It delisted some registered digital money lenders for breaking its rules in July 2023.
