The Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory authorization in agreement with Google.
Mr. Babatunde Irukera, the Commission’s Executive Vice Chairman, stated this on Wednesday in Abuja.
According to Irukera, the DMLs are in breach of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
He stated that the commission has issued an order to Google to remove the apps from the Play Store.
According to Irukera, the injunction also prohibits payment gateways or services from offering or continuing to provide services to the impacted firms.
Getloan, Joy Cash-Loan Up to $1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash Moneytreefinance Made Easy, and Luckyloan were among the delisted DMLs, according to him.
Personal Loan, Cashme, Easynaira Swiftcash, Crediting, Swiftkash, Hen Credit Loan, Nut Loan, Cash Door, Cashpal, and Naira Easy Gist Loan are among the others.
He stated that the commission will continue to work with Google to determine how and why apps that have not gotten the necessary regulatory clearances are available on its platform (the Play Store).
“DMLs are reminded that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution,” he stated.
Irukera reaffirmed the commission’s commitment to ensure that digital money lending businesses are lawful and ethical.
He urged customers to use only authorized DMLs.