The Federal Competition and Consumer Protection Commission has issued an order requesting that Google remove Swiftcash, Easynaira, and 16 other lending apps from the Google Play store immediately.
The Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending were broken, according to the Commission, which claimed to have just learned this in a statement signed by its Chief Executive Officer, Mr. Babatunde Irukera, and published on its website.
Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme are just a few of the other applications that will be taken off the Google platform. Additionally impacted by the removal order includes Crediting, Swiftkash, Hen Credit Loan, Nut Loan, Cash Door, Cashpal, and Nairaeasy gist loan.
Irukera stated that the Commission would keep in contact with Google in order to find out more about how and why certain apps are made available on the Playstore despite not having gotten the necessary regulatory permits.
“In accordance with the Guidelines, only DMLs that have passed regulatory review and compliance testing, as demonstrated by formal Commission permission, are permitted on Playstore.
“The Commission observes that, in order to reach customers outside of the Google Play store, several DMLs have turned to the usage of Android Package Kits file types.”
The head of the FCCPC announced that all authorized digital lenders will now need to revalidate their registration by providing the Commission with new information.
Remember that the Commission had removed the list of the more than 180 registered DMLs from its website, claiming that the data was being cleaned up.
“DMLS functioning in any way and on any platform are hereby obliged to show proof of adherence to the Guidelines within five (5) days of the date of this release.
“Additionally, any currently operating and authorized DMLS that offer digital lending services via APK file formats in addition to Playstore are expected to present proof that such APK operations adhere to all applicable legal requirements.”
“All previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling out DL Form 01 and resubmitting the same,” the Commission stated in the statement made public on Wednesday.
The recent discovery that some of the approved lenders are also engaging in criminal practices of harassing and defaming their customers to recover their debt may not be unrelated to the requirement for the DMLs to revalidate registration.
