In an effort to protect consumers and ensure compliance, the Federal Competition and Consumer Protection Commission (FCCPC) has taken a firm stance against digital money lenders operating outside its regulatory guidelines., the FCCPC has given these lenders a strict five-day deadline to prove their adherence to the set guidelines.
Additionally, the FCCPC has approached Google, requesting the removal of 18 digital lenders from the Playstore due to their violations of the FCCPC’s guidelines. The commission emphasizes that compliance with these guidelines is now mandatory, and any failure to do so constitutes a violation of the law.
The 18 delisted digital money lenders were found to be either operating without regulatory approval or in direct violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines). The FCCPC clarified that only digital money lenders with proper regulatory scrutiny and compliance, substantiated by written approval from the commission, are permitted to remain on the Playstore.
This action comes after the FCCPC previously delisted two loan apps, Getloan and Camelloan, from the Playstore on July 20, 2023. The reason for their removal was cited as harassment of Nigerian users. During its ongoing investigation of these illegally operating digital money lenders, the commission discovered that at least two of them had engaged in duplicity by being on the commission’s approval list despite their unauthorized actions.
