Fakoyejo OlalekanGoogle has taken down Sokoloan, EasyMoni and some other Nigerian loan apps from its Playstore, few months after the Federal Competition and Consumer Protection Commission (FCCPC) clampdown on their operation in Lagos State.
FCCPC boss had written an order to Google and Apple to delist some loan apps following complaints from users relating to illegal banking practices. The companies reported are Sokoloan and Blue Ridge loan apps; GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni.
The loan apps have been accused of blackmailing their users who borrowed money but failed to meet the payment due date. Some have posted customers’ fake obituary to enforce recovery of their loan.
In a statement released in March, FCCPC had stormed the offices of the companies, Babatunde Irukera directed banks to close their accounts, in a bid to halt the unregulated loan apps’ operation.
“In addition to the physical operation noted above, the Commission entered and served orders on multiple financial institutions freezing or suspending operations of certain accounts which some of the money lenders have used to conduct implicated business or transactions subject of investigation.
Meanwhile, there is the projection that at the end of August, Google would have pulled down more than 2000 personal Google loan apps from its Play Store in India as it plans to make changes to its policy from time to time. Google will also consult local regulatory agencies in its efforts.
Prime Business Africa reports that local central bank in India is already cracking down on predatory practices.
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“Further, the FCCPC also entered and served wide ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.” Irukera had stated.
In a recent development, Prime Business Africa learnt that Sokoloan has been dropped from the Google Playstore, as well as well as other Google loan apps – EasyMoni, Speedy Choice and KashKash – which were also removed from Google Playstore.
It’s unclear why the rest, such as OKash, GoCash and others are left on the Playstore, but Irukera had stated in March that new loan apps will no longer be allowed to operate in Nigeria without receiving approval from the Nigerian local authorities.
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