The Federal Competition and Consumer Protection Commission, FCCPC, has delisted Eighteen Digital Money Lending companies.
Also, the Commission asked Google to remove the Eighteen Digital Money Lending companies from its PlayStore and platforms.
Babatunde Irukera, the Executive Vice Chairman/ Chief Executive Officer of FCCPC, disclosed this in a statement on Wednesday.
Recalled that the Commission had delisted three DMLs for invading customers’ privacy in the name of loan recovery.
In furtherance of its regulatory function, the Commission added Eighteen additional companies to its prohibited list.
The list of DMLs affected are 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 warned DMLs against practices that would lead to delisting and prohibition.
“In addition, the Commission entered an order to Google LLC (Google) to remove the same from its Playstore and prohibited payment gateways or services from providing or continuing services to the affected businesses.
“The Commission, as part of its continuing investigation and audit, has identified additional apps operating on the Google PlayStore without regulatory approval or violating 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 drawdown the following apps: 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.
“DMLs are reminded that infraction or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution”, the statement reads.
