FG delists 18 illegal loan apps

The Federal Government through the Federal Competition and Consumer Protection Commission has given digital money lenders five days to prove they are operating within its set guidelines.

It also asked Google to remove 18 digital lenders from Playstore for violations of its guidelines. According to the FCCPC, compliance with its guidelines was now mandatory, and failure to do so was a violation of the law.

According to the commission, the 18 digital money lenders that it delisted, and asked Google to delete, were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).

It noted that only digital money lenders that had regulatory scrutiny and compliance evidenced by written approval from it were allowed on Playstore.

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