The Federal Competition and Consumer Protection Commission (FCCPC) has authorized Google to promptly remove 18 loan apps from its Play Store. These loan apps, including Swiftcash, Easynaira, Getloan, Joy Cash-Loan, Camelloan, and others, have been operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
Mr. Babatunde Irukera, the CEO of FCCPC, stated that some of these apps have employed Android Package Kits (APK) file formats to circumvent regulatory compliance, potentially evading scrutiny. He emphasized that compliance with the Guidelines is mandatory for all Digital Money Lenders (DMLs), regardless of their distribution platforms.
Non-compliance with these guidelines is deemed illegal and a breach of the law. Approved digital lenders are now required to revalidate their registration by resubmitting their information to the Commission within five days.
The FCCPC has mandated all DMLs, whether operating through the Play Store or APK file formats, to demonstrate their adherence to the regulatory framework. This rigorous approach ensures the adherence of digital lending services to stipulated guidelines, safeguarding consumers’ interests and fostering a transparent lending environment.