FCCPC has delisted 18 additional digital money lenders

Another 18 Digital Money Lenders (DMLs) have been delisted by the Federal Competition and Consumer Protection Commission (FCCPC) for operating without regulatory authorisation.

Mr Babatunde Irukera, the Commission’s Executive Vice Chairman, stated this on Wednesday in Abuja.

According to Irukera, the DMLs are in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.

He stated that the commission has issued an order to Google to remove the apps from the Playstore.

According to Irukera, the injunction also prohibits payment gateways or services from offering or continuing to provide services to the impacted businesses.

Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash Moneytreefinance Made Easy, and Luckyloan were among the delisted DMLs, according to him.

Personal Loan, Cashme, Easynaira Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan are among the others.

He stated that the commission would continue to work with Google to determine how and why apps that had not gotten the necessary regulatory clearances 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 stated.

Irukera reaffirmed the commission’s commitment to ensuring that digital money lending businesses are lawful and ethical.

He urged customers to use only approved DMLs. (NAN)