FG Orders Delisting of 18 illegal loan apps from Playstore

The Federal Government, through the Federal Competition and Consumer Protection Commission, has instructed Google to remove 18 digital lenders from the Playstore for violating regulatory guidelines. 

According to the Executive Vice Chairman/CEO, Babatunde Irukera, these lenders were either operating without regulatory approval or in breach of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. The Commission emphasized that only digital money lenders with written approval from them were permitted on the Playstore.

The Commission further stated that some digital lenders were using Android Package Kits file formats to reach consumers outside of Google Playstore, attempting to evade regulatory compliance. 

Irukera made it clear that compliance with the guidelines was mandatory for all digital money lenders, regardless of their presence on the Playstore or the means of operation. 

Failure to comply with the guidelines would be considered a violation of the law, rendering any such operation illegal. 

Digital money lenders were given five days to provide evidence of compliance with the guidelines, and those using APK file formats in addition to Playstore were required to prove their compliance with the law.