FCCPC Delists Nairaloan, Swiftkash, Cashme, 15 Others

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory approval.

A statement by Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said the delisted DMLs 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.

Mr Irukera said the DMLs were operating in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.

He said the commission had entered an order to Google to remove the applications from the Play Store.

Mr Irukera said the order was also to prohibit payment gateways or services from providing or continuing services to the affected businesses.

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 (Playstore).

”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.

Recall that in July, FCCPC permanently delisted Sycamore Integrated, Orange Loan and Purple Credit as approved Digital Mobile Lenders, as the commission vowed to delist and remove from Google DMLs found guilty of harassing and defaming customers.

Mr Irukera stated that the commission’s investigation found the three DMLs of malfeasance, adding that it has asked Google to permanently delete the three DMLs from PlayStore.

He explained that the three DMLs own Getloan and Camelloan Apps.