The Federal Competition and Consumer Protection Commission (FCCPC) has taken action against Google Limited Liability Company (LLC), directing the removal of 18 Digital Money Lenders (DMLs) applications from its Playstore.

These apps have not obtained relevant regulatory approvals, and some have gained notoriety in Nigeria due to their sharp practices, leading to them being labeled as loan sharks.

The DMLs in question include 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, Cashpal, and Nairaeasy gist loan.

FCCPC's Executive Vice Chairman/Chief Executive Officer, Mr. Babatunde Irukera, issued a statement revealing the Commission's findings. He emphasized that these apps were not part of those already delisted on July 20th, 2023.

The Commission's ongoing investigation and audit have led to the identification of these additional apps operating on the Google Playstore without proper regulatory approval or compliance with 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.

“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.