August 04, (THEWILL) – The Federal Competition and Consumer Protection Commission (FCCPC), has asked Google to delete 18 loan apps from the Play Store.
The FCCPC, in a statement by its chief executive officer, Babatunde Irukera, said the apps have been operating on the Google Play Store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
The loan apps are Swiftcash, Easynaira, Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, Cashme, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.
“Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore. The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play store.This appears to be a device by some of these DMLs to evade or avoid regulatory compliance.
“DMLS 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. All previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling DL Form 01 and resubmit the same”, he said.
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