The Federal Competition and Consumer Protection Commission (FCCPC) has issued an order asking Google to immediately delete Swiftcash, Easynaira, and 16 other loan apps from the Play store.
Confirming this in a statement signed by its Chief Executive Officer, Babatunde Irukera, the Commission said it just discovered that the apps in question have either been operating on the Google Play store without regulatory approval or have been in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
Noting that some DMLs have devised a way to bypass protocols and operate without approval, the Commission pointed out that some have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play store.
“This appears to be a device by some of these DMLs to evade or avoid regulatory compliance,” he said.
Irukera then emphasized that only apps with written approval from the commission should be allowed on the Playstore.
“Under the guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore.”
He added that compliance with the guidelines is not just for operating on Google Playstore but for all DMLs regardless of whatever means they choose to operate, and failure to comply with the Guidelines is a violation of law and renders such operation illegal.
Previously approved DMLs were not left untouched in what seems to be a total overhaul and restructuring of the digital money lending space as the FCCPC CEO said they all have to revalidate their registrations. He said,
“DMLS operating by any means or on any platforms whatsoever are hereby required to provide evidence of compliance with the Guidelines within five (5) 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 are in compliance with the law.
“All previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling DL Form 01 and resubmit the same,”
Other apps reported to have been removed from the Google play store include
Getloan,
Joy Cash-Loan,
Camelloan,
Cashlawn,
Nairaloan,
Eaglecash,
Moneytreefinance Made Easy
Luckyloan
Cashme
Crediting,
Swiftkash,
Hen Credit loan
Nut loan,
Cash door
Cashpal and
Nairaeasy gist loan.
