The Federal Competition and Consumer Protection Commission (FCCPC) has taken stringent action against digital lending platforms (DLPs), announcing the delisting of 18 specific apps from the Google Play Store. This decisive move comes as these platforms have been found in violation of critical registration rules and the established Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. The affected apps, which are now removed from Google’s platform, include Getloan, Swiftkash, JoyCash-Loan up to 1 million, Camellia, Cashhlawn, Nairaloan, Eaglecash, Moneytreefinance MadeEasy, Luckyloan Personal loan, Cashme, Easynaira, Swiftcash, Crediting, Hen credit loan, Nut loan, Cash door, Cashpal, and Naireasy gist loan. The FCCPC emphasized that these entities were either operating without proper regulatory approval or were in direct contravention of the outlined guidelines.

Babatunde Irukera, the Executive Vice Chairman/CEO of the FCCPC, reiterated the commission's firm stance, stating that compliance with its guidelines is now unequivocally mandatory. He stressed that only DLPs that have undergone rigorous regulatory scrutiny and received written approval from the commission are permitted to operate on the Play Store. Mr. Irukera also confirmed ongoing engagement with Google to address and clarify how apps lacking the necessary regulatory approvals manage to become available on its platform. This proactive approach underscores the FCCPC's commitment to ensuring a regulated and safe digital lending environment for Nigerian consumers.

Furthermore, the FCCPC has issued a directive requiring all existing and approved DLPs, regardless of their operational method, to furnish evidence of compliance within five days of the release of this statement. They are also mandated to revalidate their previously provided information by completing the DL Form 001 on the commission’s website. This measure aims to consolidate regulatory oversight and ensure that all legitimate operators remain within the established legal framework.

A notable aspect of this delisting concerns the re-emergence of two specific apps: Getloan and Camelloan. These two platforms had been previously delisted by the FCCPC weeks prior for engaging in harassment tactics against Nigerians. Despite the previous action, they reappeared among the new list of 18 apps directed for removal, highlighting persistent attempts by some operators to circumvent regulation. It was also noted that Sycamore Integrated Solutions Limited, one of the entities previously associated with the Getloan app by the FCCPC, has since refuted this claim, distancing itself and asserting that 'Getloan' was an impostor utilizing its name.

The commission's investigation has also revealed that some digital money lenders exploit Android Package Kit (APK) file formats to reach consumers outside the Google Play Store, deliberately attempting to evade or avoid regulatory compliance. Mr. Irukera explicitly stated that compliance with the guidelines is mandatory for all DMLs, irrespective of whether they operate via Play Store, APK files, or any other means. He warned that failure to comply constitutes a violation of the law, rendering such operations illegal. Moreover, approved DMLs using APK operations in addition to the Play Store are now required to provide evidence that their APK activities are also fully compliant with the law. Infringements or violations of these guidelines, Mr. Irukera concluded, could lead to severe consequences, including permanent delisting, prohibition from operation, and robust law enforcement actions, including prosecution.