The Federal Competition and Consumer Protection Commission has asked Google to delete 18 digital money lending companies’ apps from the Play Store, over violation of registration rules.signed by Babatunde Irukera, its chief executive officer .
Others are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan; Nut loan; Cash door; Cashpal, and Nairaeasy gist loan.FCCPC said the aforenamed companies, although registered, will cease to operate unless they provide a proof of compliance with the limited interim regulatory/registration framework and guidelines for digital lending, 2022.that the commission updated its list of registered and approved DMLs to avoid illegal practices.
“The commission, as part of its continuing investigation and audit, has identified additional apps operating on the Google Play Store without regulatory approval or in violation of the guidelines.” “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.”The FCCPC, speaking further on compliance, said some DMLS have resorted to the use of Android package kits file formats to reach consumers outside of Google’s Play Store.This, the commission said, appears to be a device by some of the DMLs to evade or avoid regulatory compliance.