18 digital lenders delisted by FCCPC

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Abuja, Aug. 3, 2023 – The Federal Competition and Consumer Protection Commission (FCCPC) has delisted i8 digital lenders.

It has directed Google to remove them from Playstore for violations of its guidelines and  gave them five days to prove they are operating within its guidelines.

FCCPC listed the affected loan apps as: “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, Cash door, Cashpal, and Nairaeasy gist loan.”

Babatunde Irukera, the Chief Executive of FCCPC, , said this in a statement, stressing that compliance with its guidelines was now mandatory.

The commission said the 18 digital money lenders that were delisted were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines)

It said that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it were allowed on Playstore.

FCCPC said that digital money lenders operating on Playstore or through any other format must comply with its guidelines.

It said some digital money lenders were relying on Android Package Kits file formats to reach consumers outside of Google Playstore, to evade or avoid regulatory compliance.

FCCPC affirmed that compliance with its guidelines was mandatory for all digital money lenders, regardless of whether they intended to be placed on Playstore, operate by APK file formats, or any other means.

 “Compliance with the guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats or any other means for that matter.

“Failure to comply with the Guidelines is a violation of law and renders any such operation illegal.

“Digital Money Lenders operating by any means or on any platforms whatsoever are hereby required to provide evidence of compliance with the guidelines within five 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,” FCCPC said. (GBN)

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