• Sunday, July 21, 2024
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FCCPC orders Google to delist 18 illegal loan apps

FCCPC approves 154 loan apps, takes action against unethical practices

Six days after BusinessDay released an article on ‘Loan shark victims recall experiences as FCCPC steps in’, the Federal Competition and Consumer Protection Commission (FCCPC) decided to take action by ordering Google to delete Getloan, Swiftkash, and 16 others from the Play Store.

According to the commission, other apps include JoyCash-Loan up to 1 million, Camellia, Cashhlawn, Nairaloan, Eaglecash, Moneytreefinance MadeEasy, Luckyloan Personal loan, Cashme, Easynaira, Swiftcash, Crediting, Hen credit loan, Nut loan, Cash door, Cashpal, and Naireasy gist loan.

Babatunde Irukera, executive vice chairman/ CEO of FCCPC in a statement said, “The commission will continue engaging Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (play store).

“Under the guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the commission are allowed on Play Store,” it said.

Last month, the commission took action by delisting specific loan app companies, causing the affected DMLs to lose their legal status to operate. Not only did Google completely remove them from the app store, payment gateways, and services were prohibited from providing or continuing their services with these affected businesses.

In the statement, the commission noted that these DMLs have resorted to the use of Android Package Kits (APK) file format to reach customers outside the Google Play store.

It said, “Compliance with the guidelines is mandatory for all DMLs regardless of whether they intend to be placed on the play store, operate by APK file format or any other means for that matter.”

“Failure to comply with the guideline is a violation of law, and renders any such operations illegal”.

The commission calls for all existing and approved DMLs operating by any means to provide evidence of compliance within five (5) days from the date of the release and revalidate the information provided by the commission by filling out the DL Form 001 on its website.