Comprehensive Roster: Government Releases List of Unauthorized Loan Apps, Urges Google for Deletion
In a significant move, the Federal Competition and Consumer Protection Commission (FCCPC) has unveiled a catalog of 18 loan apps earmarked for delisting.
Notably, the commission has mandated a five-day window for these apps to provide evidence of compliance with industry guidelines or face deletion and subsequent penalties.
Simultaneously, the FCCPC has called upon Google to expunge these loan apps from the Play Store due to their flagrant violations of regulatory protocols.
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Illustration by FCCPC’s Executive Vice Chairman and CEO, Babatunde Irukera. Image Source: Nurphoto via Getty Images
Detailing Potential Repercussions for Non-Compliance
Emphasizing the gravity of adherence, the commission has underscored that conforming to its established protocols is not optional but mandatory. Any divergence from these standards is tantamount to legal violation.
The 18 loan apps identified for removal have been found to either operate without requisite authorization or breach the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, as specified by the FCCPC in 2022.
In a proactive stance, the commission had previously delisted two loan apps, namely Getloan and Cameloan, from the Play Store on July 20, 2023, attributing the removal to their contravention of established guidelines.
FCCPC Exposes Deceptive Practices
The commission’s ongoing investigation into these unscrupulous digital money lending platforms has unearthed duplicitous practices by at least two lenders who were legally registered yet found violating the commission’s endorsement.
Babatunde Irukera, the Executive Vice Chairman and Chief Executive Officer, reiterated that all loan apps, regardless of their mode of operation, must align with the FCCPC’s stringent regulations.
The compilation of loan apps marked for delisting includes: Getloan, Joy Cash, Camelloan, Cashlawn, Nairaloan, Eagle cash, Luckyloan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy.Insight into Loan Apps’ Tactics
A crucial discovery in this investigation has been that these loan apps predominantly exploited Android Package Kits (APKs) formats to target users beyond the realm of the Google Play Store, thereby circumventing regulatory oversight.
Amplifying Focus on APK Files
Irukera reiterated that all loan apps, regardless of their operating platforms, are mandated to adhere to the FCCPC’s regulatory guidelines.
He articulated, “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.
Furthermore, all existing and approved DMLs providing digital lending services through APK file formats, in addition to Playstore, are obligated to provide evidence that their APK operations are in full compliance with the law.”
