FCCPC Derecognises Additional 18 Digital Money Lenders
Babatunde Irukera, Executive Vice Chairman
In an effort to sanitise operators’ activities in line with best practices, the Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory approval.
A statement by Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said this on Wednesday in Abuja. Irukera said the DMLs were operating in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
He said the commission had entered an order to Google to remove the applications from the Playstore. Irukera said the order was also to prohibit payment gateways or services from providing or continuing services to the affected businesses.
He listed the delisted DMLs to include Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash Moneytreefinance Made Easy and Luckyloan.
Others are Personal Loan, Cashme, Easynaira Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal and Nairaeasy gist loan. He said the commission would continue to engage Google to clarify how and why apps that had not received relevant regulatory approvals were available on its platform (Playstore).
”DMLs are reminded that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution,” he said. Irukera reiterated the commission’s commitment to ensuring legal and ethical operations in digital money lending. He called on consumers to patronise only approved DMLs.
