The Federal Competition and Consumer Protection Commission (FCCPC) has given loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned.

FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines.

FCCPC lists penalty for defaulters

The commission said compliance with its rules was mandatory, and failure to adhere constitutes a violation of the law.

The 18 loan apps delisted were either operating without approval or violated the Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending Guidelines of 2022, FCCPC said.

On July 20, 2023, the commission delisted two loan apps, Getloan and Cameloan, from the play store, insisting they violated its guidelines.

FCCPC said: “During the commission’s continuing investigation and tracking of these illegally operating digital money lenders, the commission has discovered duplicity by at least two otherwise legally registered digital money lenders on the commission’s approval list.”

The Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, stated that the loan apps operating online or in other places must comply with its rules.

It listed the loan apps as:

Getloan, Joy Cash

Camelloan Cashlawn,

Nairaloan

Eagle cash

Luckyloan

Cashme, Easynaira

Swiftcas

Crediting

Swiftkash

Hen Credit loan

Nut loan

Cash door, Cashpal and

Nairaeasy

Punch reported that the consumer watchdog stated that loan apps relied primarily on Android Package Kits (APKs) formats to target consumers outside Google Play Store and evade compliance.