FG delists 18 additional digital money lenders over regulatory violation
In a bid to ensure strict compliance to regulatory framework and guidelines in the digital lending sector, the Federal Competition and Consumer Protection Commission (FCCPC) has delisted 18 operators who failed to comply with the regulation.
In a statement issued by Babatunde Irukera, the executive vice chairman of the commission on Wednesday in Abuja, the operators known as Digital Money Lenders (DMLs) were operating in violation of the limited interim regulatory/registration framework and guidelines for digital lending, 2022.
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According to Mr Irukera, the commission has approached Google to remove the applications from the Play Store.
Also, payment gateways of the delisted DMLs have been disabled rendering their services inoperative.
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 (Play Store).
”DMLs are reminded that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution,” he said.
Mr 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.