Federal Competition and Consumer Protection Commission (FCCPC) said it has issued an order asking Google to immediately delete Swiftcash, Easynaira, and 16 other loan apps from the Play store. The Commission in a statement signed by its Chief Executive Officer, Mr. Babatunde Irukera, said it discovered that the apps have been operating on the Google Play store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending. The statement said “In addition, the Commission entered an order to Google LLC (Google) to remove same from the 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 in violation of 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, Cashpaland Nairaeasy gist loan. The Commission will continue engaging Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform (Play store). Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore. The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Playstore. This appears to be a device by some of these DMLs to evade or avoid regulatory compliance.
“Compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats or any other means for that matter. Failure to comply with the Guidelines is a violation of law, and renders any such operation illegal. DMLs operating by any means or on any platforms whatsoever are hereby required to provide evidence of compliance with the Guidelines within five (5) days from the date of this Release. Also, all existing and approved DMLs providing digital lending services through APK file formats in addition to Playstore, are required to provide evidence that such APK operations are in compliance with the law. All previously approved DMLs or otherwise must revalidate the information provided to the Commission by filling DL Form 001 and resubmit same. DMLs are reminded that infraction or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution”.
