Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Sunday, June 8
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Digital»FCCPC delists digital money lenders; orders Google to remove related apps from Playstore
    Digital money lenders

    FCCPC delists digital money lenders; orders Google to remove related apps from Playstore

    0
    By Staff Writer on August 3, 2023 Digital, Digital lending

    The Federal Competition & Consumer Protection Commission (FCCPC) of Nigeria issued a statement delisting certain otherwise approved and registered Digital Money Lending companies and, or their Applications (apps) on the 20th of July 2023. The commission also said that by that action, the affected DMLs ceased to operate legally.

    According to the statement signed by Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer, the commission also “entered an order to Google to remove same from the Playstore, and prohibited payment gateways or services from providing or continuing services to the affected businesses.”

    As part of the Commission’s continuing investigation and audit, it identified sixteen (16) 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). Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw or drawdown the apps.

    The affected lending companies are listed below:

    1. Getloan
    2. Joy Cash-Loan Up to 1,000,000
    3. Camelloan
    4. Cashlawn
    5. Nairaloan
    6. Eaglecash
    7. Moneytreefinance Made Easy
    8. Luckyloan Personal Loan
    9. Cashme
    10. Easynaira
    11. Swiftcash
    12. Crediting
    13. Swiftkash
    14. Hen Credit loan
    15. Nut loan
    16. Cash door
    17. Cashpal
    18. Nairaeasy gist loan

    The Commission said it 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). 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. 

    However, the FCCPC has taken note of some DMLs resorting to alternative methods, such as utilizing Android Package Kits (APK) file formats, to distribute their apps outside of the Google Play Store ecosystem. This manoeuvre seems to be an attempt by these DMLs to bypass regulatory compliance.

    To address these concerns and promote uniform regulatory adherence, the FCCPC has made it clear that compliance with their Guidelines is obligatory for all DMLs. This holds true regardless of whether the DMLs intend to operate on the Play Store, via APK file formats, or any other means. Any failure to comply with these Guidelines will be deemed a violation of the law and will render the DML’s operation illegal.

    In light of these developments, the FCCPC has outlined a stringent course of action. DMLs operating through any medium or platform must furnish evidence of compliance with the Guidelines within a five-day window from the issuance of this press release. This evidentiary requirement encompasses DMLs operating on the Play Store, utilizing APK formats, or any other mode.

    For DMLs that have previously received approval, whether through the Play Store or otherwise, a comprehensive revalidation process is mandated. They are directed to complete and submit DL Form 001, providing the necessary updated information. This submission should be sent to lenderstaskforce@fccpc.gov.ng.

    DMLs are reminded that infraction or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.

    In April this year, the FCCPC released a list of 173 companies approved to provide digital lending services in Nigeria. However FCCPC reportedly deleted the list of all approved loan apps from its website some days ago, saying the list was undergoing ‘clean-up’.

    Related

    Digital Money Lenders loans
    Share. Facebook Twitter Pinterest LinkedIn Email
    Staff Writer
    • Website

    I am a staff at Innovation Village.

    Related Posts

    Nigeria’s First Digital Hospital Pilot Brings Healthcare Access to Rural Communities

    ElGameya Raises 7-Figure Investment to Boost Digital Savings in Egypt

    Orange and IFC Join Forces to Bridge Africa’s Digital Divide

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.