Fakoyejo OlalekanGoogle has been directed to take down Cashpal, Swiftkash, Nairaloan, and 15 others for operating quick loans on Play Store without regulatory approval.
Federal Competition and Consumer Protection Commission (FCCPC) disclosed this in a statement on Wednesday, which also disclosed that Eaglecash, Cashme, Luckyloan and Moneytreefinance Made Easy were also flagged.
Getloan, Cashlawn, Joy Cash-Loan, Easynaira, Camelloan, Swiftcash, Nairaeasy, Crediting, Cash door, Swiftkash, Nut loan and Hen Credit loan were also listed in the names of loan apps suggested to be deleted from Google Play Store.
FCCPC’s Chief Executive Officer, Babatunde Irukera, said some of the loan apps also violated the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
Irukera said the quick loan providers allowed to be on Google Play Store are lending apps that have obtained approval from the FCCPC.
He reiterated that the FCCPC and Google will continue to collaborate to exclude unapproved quick loan providers on the Play Store.
FCCPC chief also stated that some quick loan providers are using Android Package Kits (APK) to operate under the radar to evade regulatory compliance.
“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.
“The Commission notes that some DMLs 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,” Irukera said.
He added that: “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.”
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