The Google Limited Liability Company (LLC) has been ordered by the Federal Competition and Consumer Protection Commission (FCCPC) to withdraw from its Playstore the applications (apps) of an additional 18 Digital Money Lenders (DMLs) that have not obtained the necessary regulatory licences.
considerable DMLs, often known as loan sharks in Nigeria, have earned considerable recognition for their aggressive business practices, intimidation of clients, and creative loan collection strategies.
The DMLs are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan. They are also Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, and Cashme.
In a statement signed by its Executive Vice Chairman and Chief Executive Officer, Mr. Babatunde Irukera, the competition regulatory agency made this disclosure and underlined that the apps would not be delisted on July 20, 2023.
The statement reads, “The Commission 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), as part of its ongoing investigation and audit.
As a result, the Commission has issued a new order directing Google to remove, withdraw, or drawdown the following applications right away.
“The Commission will keep speaking with Google to get answers about how and why certain apps are available on Google’s platform (Play store) despite not having gotten the necessary regulatory clearances.
“In accordance with the Guidelines, only DMLs that have passed regulatory review and compliance testing, as demonstrated by formal Commission permission, are permitted on Playstore.
The Commission takes note of the fact that some DMLs have turned to the usage of Android Package Kit (APK) file formats in order to connect with customers outside of the Google Playstore.
“Some of these DMLs appear to be using this method to circumvent or avoid regulatory compliance.