sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: FCCPC Orders Google to Delist Cashme, Swiftkash, 16 Other Illegal Loan Apps

Friday 4 August 2023

FCCPC Orders Google to Delist Cashme, Swiftkash, 16 Other Illegal Loan Apps


On July 20, 2023, the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria published a statement delisting some otherwise permitted and registered Digital Money Lending firms and/or their Applications (apps). The commission also stated that the affected DMLs were no longer legally allowed to operate.

In a statement signed by Babatunde Irukera, Executive Vice Chairman/CEO, the commission "entered an order to Google to remove same from the Playstore, and prohibited payment gateways or services from providing or continuing services to the affected businesses."

As part of the Commission’s continuing investigation and audit, it identified sixteen (16) additional apps operating on the Google Play Store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines). Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw or draw down the apps.

The affected lending companies are listed below:

Getloan
Joy Cash-Loan Up to 1,000,000
Camelloan
Cashlawn
Nairaloan
Eaglecash
Moneytreefinance Made Easy
Luckyloan Personal Loan
Cashme
Easynaira
Swiftcash
Crediting
Swiftkash
Hen Credit loan
Nut loan
Cash door
Cashpal
Nairaeasy gist loan

The Commission reiterated that it will continue to engage Google in order to understand how and why apps that have not gotten required regulatory approvals remain available on Google's platform (Play store). Only DMLs that have been subjected to regulatory inspection and compliance as proven by official clearance from the Commission are permitted on Playstore, according to the Guidelines. 

However, the FCCPC has seen certain DMLs using alternate means to distribute their programmes outside of the Google Play Store environment, such as using Android Package Kits (APK) file formats. This approach appears to be an attempt by these DMLs to circumvent regulatory compliance.

To address these concerns and promote uniform regulatory adherence, the FCCPC has made it clear that compliance with their Guidelines is obligatory for all DMLs. This holds true regardless of whether the DMLs intend to operate on the Play Store, via APK file formats, or any other means. Any failure to comply with these Guidelines will be deemed a violation of the law and will render the DML’s operation illegal.

In light of these developments, the FCCPC has outlined a stringent course of action. DMLs operating through any medium or platform must furnish evidence of compliance with the Guidelines within a five-day window from the issuance of this press release. This evidentiary requirement encompasses DMLs operating on the Play Store, utilizing APK formats, or any other mode.

A complete revalidation process is required for DMLs that have already gotten approval, whether through the Play Store or otherwise. They are instructed to complete and return DL Form 001, including any new information. Please send your submission to lenderstaskforce@fccpc.gov.ng.

Infractions or infringements may result in permanent delisting and prohibition, as well as law enforcement action, including prosecution, for DMLs.

The FCCPC published a list of 173 firms allowed to provide digital lending services in Nigeria in April of this year. However, FCCPC apparently deleted the list of all accepted loan apps from its website some days ago, saying the list was undergoing 'clean-up'.

No comments:

Post a Comment