The Federal Competition and Consumer Protection Commission (FCCPC) has directed Google to remove 18 digital loan apps from the Google Play store.
The commission raised concerns that these apps were operating without regulatory approval or were in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
Listing the loan Apps on Wednesday, FCCPC said only digital money lenders with written approval and regulatory compliance are allowed on the Play store.
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As a result, the commission issued an order instructing Google to take immediate action to remove 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
- Nairaeasy gist loan
The FCCPC emphasized that all digital money lenders must comply with its guidelines, and failure to do so would be considered a violation of the law. Infractions or infringements could lead to permanent delisting, prohibition, and potential law enforcement action, including prosecution.
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The commission has been actively cracking down on illegal loan apps and those that harass Nigerian consumers. Earlier, on July 20, 2023, it delisted registered digital money lenders for non-compliance with its rules.