The Nigerian Federal Competition and Consumer Protection Commission (FCCPC) has taken action against certain digital lenders operating on Google PlayStore without regulatory approval or violating the Guidelines for Digital Lending.
In a statement issued on Wednesday August 2, and reported by the Guardian, the commission directed Google to remove 18 apps from the company’s application marketplace, those affected are Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.
This move comes as part of ongoing investigations and audit by FCCPC to ensure compliance within the digital lending space. The commission made it clear that failure to comply with the regulatory guidelines renders the operation of the aforementioned apps illegal.
