has ordered Google Play Store to pull down four money lending companies for “escalating unethical, obnoxious and unscrupulously exploitative practices in the industry.”
to tackle “possible violation” of consumer rights where at least seven loan companies including Soko Loan were raided.The commission’s boss said that some lending companies including Soko Loan who have been subject of investigation “have devised methods to leverage on technology and other financial services alternatives to circumvent account freezing and app suspension Orders.
“For apps not on the Play Store, the Commission continues to trace what platforms they are hosted on in order to disable them; the Commission invites any information from the public in this regard.” “The Commission has also ordered telecommunication/ technology companies ) to cease and desist providing server/hosting or other key services such as connectivity to disclosed or known lenders who are targets/subjects of investigation or otherwise operating without regulatory approval,” the statement reads.
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