The Federal Competition & Consumer Protection Commission (FCCPC) has shut down 18 digital money lenders (DMLs).
In a press statement released on Wednesday, the commission disclosed that the delisted DMLs had violated the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022.
The recently delisted apps are Get loan, Camel loan, Cash lawn, Naira Loan, Eagle Cash, Moneytreefinance, Made Easy, Luckyloan, Personal Loan, Cashme, Crediting Nut Loan, Cash door, Cashpal, Nairaeasy Gist Loan, SwiftKash, Easynaira, Hen Credit loan and Swiftcash.
READ ALSO: FG Shuts Down Loan Apps, Freezes Their Accounts
The commission also asked Google to remove the DML apps from Play Store and restrict payment platforms from providing them services with immediate effect.
“The apps are operating on the Google Play Store without regulatory approval,” the statement read.
The commission had earlier issued a similar order to Google to remove Get loan and Camel loan on July 20. According to the press release, FCCPC had started an audit and was investigating digital money lending apps in Nigeria.
READ ALSO: FULL LIST: Approved Loan Apps in Nigeria
The Chief Executive Officer of the FCCPC, Babatunde Irukera, said that money lending companies are mandated to comply with the stipulated guidelines whether they want to be on Google Play Store or not.
The commission mandated all DMLs using the Android package kit file to provide compliance evidence within five days. Finally, all previously approved DMLs have been instructed to revalidate their operations with the FCCPC.
The post FCCPC Delists 18 Loan Apps, Orders Google to Remove Them appeared first on Foundation For Investigative Journalism.
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