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The Federal Government has asked Google to remove some lending apps from its famous mobile application marketplace, Playstore, via the Federal Competition and Consumer Protection Commission (FCCPC).
According to our information, the FCCPC accused the 18 digital money lending services of operating on Google Play without regulatory approval or in breach of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
Only digital money lenders that have undergone regulatory inspection and compliance, as proven by official approval from the commission, are permitted to appear on Google Play.
On Wednesday, the FCCPC said of the deleted apps, “Accordingly, the Commission has made a supplementary order requiring Google to remove, withdraw immediately, or drawdown the following apps:
“Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cashdoor, Cashpal, and Nairaeasy gist loan.“
The Federal Government agency reaffirmed that all digital money lenders must follow its requirements, and failing to do so is a violation of the law.
Infractions or infringements, it added, may result in permanent delisting and restriction, as well as law enforcement action, including prosecution.
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