The Federal Government, through the Federal Competition and Consumer Protection Commission, has given digital money lenders five days to provide proof that they are following the regulations.
It also requested that Google remove 18 digital money lenders from the Play Store for violating its policies. Compliance with the FCCPC's rules was now required, and refusal to do so was considered an offense of the constitution, according to the FCCPC.
The 18 digital money lenders that the commission delisted and requested Google to remove were either operating without approval from regulators or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
It stated that only digital money lenders who had undergone regulatory examination and compliance as indicated by official authorization from it were permitted to operate on Playstore.
The FCCPC delisted two lending applications, Getloan and Camelloan, from the Google Play Store on July 20, 2023, for intimidating Nigerians.
FCCPC Statement Partly Reads,
“In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”It was Wednesday, 2nd August 2023 that the FCCPC delisted 16 additional lending companies and requested that Google remove them as well.
Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer, announced this in a statement.
Read more: https://www.investingport.com/fgn-delists-18-loan-apps-for-violating-the-fccpc-regulations/