FCCPC instructs Google to clamp down on unapproved loan apps
By Felicia Nwosu
The Federal Competition and Consumer Protection Commission (FCCPC) has instructed Google Limited Liability Company (LLC) to disengage and clampdown on the applications (apps) of additional 18 Digital Money Lenders (DMLs) operating without relevant regulatory approvals from its Playstore.
The commission, while expressing its displeasure over the misconduct and lack of conformity to regulations, said the drastic measure is part of its efforts in shielding citizens from the rising privacy breaches associated with the proliferation of loan sharks in the Nigerian digital space.
The commission listed the following names of digital money lenders to include: Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal and Nairaeasy gist loan.
Mr. Babatunde Irukera, Executive Vice Chairman/Chief Executive Officer of the commission, said, FCCPC’s instruction is mainly to disengage the applications (apps) of additional 18 Digital Money Lenders (DMLs) that lacked official recognition and relevant regulatory approval from the Playstore. He maintained that the apps were not among those delisted on July 20th, 2023.
“The Commission, as part of its continuing investigation and audit, has identified additional apps operating on the Google Playstore without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).”
FCCPC reiterated its commitment targeted at addressing the rising loopholes and invasion of individual’s privacy by the operators of some of the digital lenders. It affirmed that 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.
“Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw or drawdown the following apps.
“The Commission will continue engaging Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (Play store).”
“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 Playstore. “This appears to be a device by some of these DMLs to evade or avoid regulatory compliance.
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