The Federal Competition & Consumer Protection Commission (FCCPC), has ordered Google LLC to immediately remove, withdraw or drawdown 18 digital money lenders (DMLs) popularly called Landsharks Applications (Apps) from its Playstore.
This follows another order entered with Google to remove the Apps from the Playstore and prohibit payment gateways or services from providing or continuing services to the affected businesses.
- A statement today signed by the Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera, the Commission notes that “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.”
He added that “The Commission as part of its continuing investigation and audit, has identified additional apps operating on the Google Playstore without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).”
The following apps do not have such approvals:
- 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 also notes that “some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Playstore.
“This appears to be a device by some of these DMLs to evade or avoid regulatory compliance.
DMLs are further reminded that infraction or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
Irukera reiterated 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. Failure to comply with the Guidelines is a violation of law, and renders any such operation illegal.”
Accordingly, “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,” he said.
He therefore urged “all existing and approved DMLs providing digital lending services through APK file formats in addition to Playstore, to provide evidence that such APK operations are in compliance with the law.“
The Commission said it will continue engaging Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (Play store).
Also, all previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling DL Form 001 and resubmit same to: lenderstaskforce@fccpc.gov.ng.
DMLs are further reminded that infraction or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.
The Commission reiterates its commitment to ensure legal and ethical operations in digital lending; and encourages consumers to consider/patronize only approved DMLs (list available at www.fccpc.gov.ng). Feedback and complaint may be forwarded to lenderstaskforce@fccpc.gov.ng.
