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- The Federal Competition and Consumer Protection Commission (FCCPC) has listed 18 loan apps for delisting
- The commission asked Google to delete the loan apps for violating its guidelines
- FCCPC also gave them five days to prove their compliance with its set guidelines
The Federal Competition and Consumer Protection Commission (FCCPC) has given loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned.
FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines.
Credit: Nurphoto
Source: Getty Images
FCCPC lists penalty for defaulters
The commission said compliance with its rules was mandatory, and failure to adhere constitutes a violation of the law.
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The 18 loan apps delisted were either operating without approval or violated the Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending Guidelines of 2022, FCCPC said.
On July 20, 2023, the commission delisted two loan apps, Getloan and Cameloan, from the play store, insisting they violated its guidelines.
FCCPC said:
“During the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”
The Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, stated that the loan apps operating online or in other places must comply with its rules.
It listed the loan apps as:
- Getloan, Joy Cash
- Camelloan, Cashlawn,
- Nairaloan
- Eagle cash
- Luckyloan
- Cashme, Easynaira
- Swiftcas
- Crediting
- Swiftkash
- Hen Credit loan
- Nut loan
- Cash door,
- Cashpal and
- Nairaeasy
Punch reported that the consumer watchdog stated that loan apps relied primarily on Android Package Kits (APKs) formats to target consumers outside Google Play Store and evade compliance.
FCCPC shines spotlight on APK files
Irukera said compliance with its set rules is mandatory for all loan apps regardless of where they operate.
Irukera said:
“Digital Money Lenders operating by any means or on any platforms whatsoever are now required to provide evidence of compliance with the guidelines within five days from the date of this release.
“Also, all existing and approved DMLs providing digital lending services through APK file formats, in addition to Playstore, are required to provide evidence that such APK operations comply with the law.”
PoS operators barred from implementing price hike, face potential sanctions
Legit.ng reported that Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has banned Point of Sale (PoS) operators from implementing the newly declared hike in charges for PoS transactions.
The declaration follows the recent action by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) on behalf of specific PoS operators in establishing standardised prices for various transaction services.
Consequently, the Central Bank of Nigeria (CBN) announced its intention to intervene in addressing the concerns surrounding the new charges implemented by PoS agents in Nigeria.
Source: Legit.ng
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