Cracking Down on Non-Compliant Digital Money Lenders: FCCPC's Strong Actions Against 18 DML Apps

 

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In a recent press statement on August 2nd, 2023, the Federal Competition & Consumer Protection Commission (FCCPC) announced the closure of 18 digital money lending apps (DMLs). These apps were found to be in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022.


The delisted DML apps include:

  •  Get loan, 
  • Camel loan, 
  • Cash lawn, 
  • Naira Loan, 
  • Eagle Cash, 
  • Moneytreefinance, 
  • Made Easy, 
  • Luckyloan, 
  • Personal Loan, 
  • Cashme,
  • Crediting Nut Loan, 
  • Cash door, 
  • Cashpal, 
  • Nairaeasy Gist Loan, 
  • SwiftKash, 
  • Easynaira, 
  • Hen Credit loan, and 
  • Swiftcash.


In response to their non-compliance, the FCCPC has taken strict action, requesting Google to remove these DML apps from the Play Store immediately. Additionally, payment platforms have been instructed to cease providing services to these apps.


“The apps are operating on the Google Play Store without regulatory approval,” the statement from FCCPC read.


This is not the first time such action has been taken. On July 20th, the commission had previously directed Google to remove Get loan and Camel loan from the Play Store.


To further ensure compliance, FCCPC has initiated an audit and investigation of digital money lending apps in Nigeria. Babatunde Irukera, the Chief Executive Officer of the FCCPC, emphasized that all money lending companies, regardless of their presence on the Play Store, must adhere to the stipulated guidelines.


As part of their measures, all DMLs utilizing the Android package kit file have been given five days to provide evidence of compliance. Moreover, previously approved DMLs have been instructed to revalidate their operations with the FCCPC.


The FCCPC's actions are aimed at safeguarding the interests of consumers and enforcing regulatory compliance within the digital lending industry. By taking a firm stand against non-compliant DMLs, the commission is working to promote a secure and transparent lending environment in Nigeria.


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