The Federal Competition and Consumer Protection Commission has updated its list of 154 businesses to which it has granted full permission to run loan-app businesses nationwide.
The Commission removed the older list of permitted firms from publication for a “clean-up.” Still, the current list, which was just posted, is more comprehensive because it includes the apps that each company covered by the permission list operates.
Customers will be able to identify the firms behind the applications they use thanks to the release of company-affiliated apps, which will also reduce instances of app duplication on the part of the companies.
In addition to the businesses that received full permission, the Commission said that 40 additional companies have been issued conditional approval. This brings the total loan app companies recognized by the FCCPC to 194.
The Commission also said that it has added 20 loan applications to its blacklist because they may have engaged in unethical behaviour. These include the apps that it most recently asked Google to take out from the Play Store.
The FCCPC reported that Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme are among the loan applications that have been added to the watchlist.
Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa are more payment options.
In spite of a contract with Google requiring their removal, several unauthorized lending apps are still available on the Google Play Store, according to the Chief Executive Officer of the FCCPC, Mr. Babatunde Irukera.
Irukera stated that the Commission would keep in contact with Google to learn more about how and why certain apps are made available on its platform despite not having gotten the necessary regulatory clearances.
“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 observed 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.
“According to several of these DMLs, this looks to be a method of avoiding or avoiding regulatory compliance,” he stated.
Irukera emphasized that all DMLs must adhere to the guidelines, regardless of whether they plan to use APK file formats, be uploaded to the Playstore, or use any other method at all.
He claimed that failure to adhere to the Guidelines constitutes a legal breach and makes any such operation unlawful.
The full list of the 154 companies fully approved and the 40 with conditional approval be accessed here.