The Federal Government through the Federal Competition and Consumer Protection Commission, FCCPC has given digital money lenders five days to prove they are operating within its set guidelines.
It also asked Google to remove 18 digital lenders from Playstore for violations of its guidelines.
According to the FCCPC, compliance with its guidelines was now mandatory, and failure to do so was a violation of the law.
According to the commission, the 18 digital money lenders that it delisted, and asked Google to delete, were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
It noted that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it were allowed on Playstore.
On July 20, 2023, the FCCPC delisted two loan apps from Google Play Store for harassing Nigerians.
At the time, the FCCPC said, In the course of the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission had discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.
On Wednesday, the FCCPC further delisted 16 more loan firms and asked Google to delete them as well.
The Executive Vice Chairman/ Chief Executive Officer of the FCCPC, Babatunde Irukera stated digital money lenders operating on Playstore or through any other format must comply with its guidelines.
It affirmed that compliance with its guidelines was mandatory for all digital money lenders, regardless of whether they intended to be placed on Playstore, operate by APK file formats, or any other means.
He noted that all previously approved digital money lenders or otherwise, must revalidate their information with the commission.
Infractions or infringements of its guidelines, he added, may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution
