The Federal Competition and Consumer Protection Commission (FCCPC) said it has issued an order asking Google to immediately delete Swiftcash, Easynaira, and 16 other loan apps from the Play store.
The Commission in a statement signed by its Chief Executive Officer, Mr. Babatunde Irukera, said it just discovered that the apps have been operating on the Google Play store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.
Other apps to be removed from the Google platform include Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan and Cashme. The removal order also affects Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.
Working with Google
Irukera said the Commission would continue to engage with Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (Playstore).
- “Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore. The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play store.
- “This appears to be a device by some of these DMLs to evade or avoid regulatory compliance,” he said.
Irukera added that compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats, or any other means for that matter. According to him, failure to comply with the Guidelines is a violation of law and renders any such operation illegal.
Revalidation of registration
Meanwhile, the FCCPC boss said all approved digital lenders will now have to revalidate their registration by resubmitting their information to the Commission.
Recall that Nairmetrics had earlier reported that the Commission had deleted the list of the over 180 registered DMLs from its website, saying the list was undergoing clean-up.
- “DMLS operating by any means or on any platforms whatsoever are hereby required to provide evidence of compliance with the Guidelines within five (5) days from the date of this Release. Also, all existing and approved DMLS providing digital lending services through APK file formats in addition to Playstore, are required to provide evidence that such APK operations are in compliance with the law.
- “All previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling DL Form 01 and resubmit the same,” the Commission said in the statement released on Wednesday.
The need for revalidation of registration by the DMLs may not be unconnected with the recent discovery that some of the approved lenders are also engaging in illegal practices of harassing and defaming their customers to recover their debt.
God be praised. A lot of lives damaged due to these wicked apps, a lot of them message me reporting and defaming some of my contacts to me in a very shameful and life threatening way. More to come for the others. God will continue strengthen and guide the FCCPC chairman to do right
Please get CBN to know that steady cash should be added. Fraudulent to say take 6000, then call and send messages in disappearing messages to ask individual to reduce to 200 so as to access 50000 in 1 hour but failed.
Layer they want to recollection of initial 6000.
I am on case of steady cash now, please . All voice note of cursing over a transaction without transfer invoice
Life pulse is also part of the loan app that need to be remived
Please also delist Cashbus, Hicash cash bus, cashmama, moneytree and many others
My finding on these loan apps is that the majority of them are owned by a company that uses them to lure vulnerable Nigerians into financial milking and slavery. How can a govt allow such, 10,000 to pay 15,000 within a week, what country allows that to be done to its citizenry.!
Moreover, the amount of illegal data harvesting being perpetrated by these so-called apps (mostly Chinese) needs to be investigated and get them persecuted. In a sane nation, this is a matter of urgent national security.
Super loan should be included,they photo crop people’s picture,Name and phone number saying ….the person was caught sleeping with dogs that the person is infected with ridiculous infection, plus HIV and Aids, that the person ran out of the hospital if seen should be reported to the nearest police station.
Many lives has been taken by some of those wicked, heartless people they go around printing people’s death posters, black mailing them of what they don’t have, which made most people committed suicide.
God have mercy
God be praised I was a victim of circumstances last month by hen loan . They aid s loan I never requested for into my account which I complained and refunded. After the seven days lapsed they started threatening me for the interest . The agent tagged my pics with my bvn alongside my bvn stating criminal and sent to my contacts. It was a big 😳. I have all records and proof to that effect. Hen loan are thieves pls arrest them
Hella cash should be included, this people promise me to give me 51,900 , which I will pay 55335,but they did no t send ,d 51,900, instead they send 33,375, to pay 55,725, for only seven days,which I refuse to pay,I only pay their money and 3000 intrest, this people were blackmailing me for the offense I did not committed ,they wanted to collect 25,000 naira intrest,over 33,375 for only seven days
But before taking money from loan app, you have to check there biography very well.
Okash, is own by blue ridge microfinance bank, they don’t just push loan to you, you will accept it by yourself before it will be credited to your account.
Fairmoney is own by fairmoney microfinance bank and you will accept the loan offer yourself, my only problem is there aggressive marketer who will be calling you that it has been long that you take loan.
Branch International is another app that don’t push loan on you, you will accept with your hand with good interest.
All these there loan app are 100% approve by the government that is why I go with them.
Always check if a loan app have full approval and also comment on the app on playstore before downloading it.