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Home Economy Finance

47 Loan Apps Delisted After Escaping FCCPC Previous Ban from Google Play Store, 88 on Alert

by Joan Aimuengheuwa
June 13, 2024
in Finance
0
47 Loans Apps Delisted After Escaping FCCPC Previous Ban from Google Play Store, 88 on Alert
FCCPC

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In a bid to bypass regulatory investigation, illegal loan apps in Nigeria have adopted a new method to continue their operations despite being delisted from the Google Play Store. 

The Federal Competition and Consumer Protection Commission (FCCPC) had removed 47 unregistered loan apps from the platform as part of its investigation to curb illegal lending practices. However, many of these apps have turned to using Android Application Packages (APKs) to reach their customers.

APKs allow users to download apps directly via shared links, bypassing the need for official app stores. This tactic has enabled unregistered loan apps to continue their activities, avoiding compliance with FCCPC regulations.

These apps have been notorious for their aggressive and often illegal debt recovery methods, including harassment and defamation of borrowers. By sharing these APK links, the loan apps circumvent the restrictions imposed by the FCCPC and continue to target vulnerable consumers.

Gbemi Adelekan, Chairman of the Money Lenders Association, said these unregistered apps exploit regulatory loopholes to operate freely. He noted that these apps often extend unsolicited loans and use unethical means to recover debts, causing significant distress to borrowers.

In contrast, licensed Digital Money Lenders (DMLs) adhere to the laws and guidelines set by the FCCPC, promoting fair lending practices. Adelekan pointed out that while most licensed DMLs operate ethically, the few unregistered apps damage the industry’s reputation with their unscrupulous tactics.

The FCCPC, under the leadership of Dr. Adamu Abdullahi, is concerned about the rising infractions by these loan apps. In addition to delisting 47 apps, the Commission has placed 88 more on a watchlist and is considering involving law enforcement to address the issue more effectively.

This move aims to bolster consumer protection and maintain accurate standards in Nigeria’s digital lending space. The Commission’s Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, established in 2022, was designed to ensure fair and transparent lending practices and to protect consumer rights.

Dr Abdullahi highlighted that infractions have been increasing as more Nigerians turn to loan apps due to the challenging economic conditions. The FCCPC’s actions come in response to the proliferation of unregistered and potentially predatory loan apps that have been causing distress among Nigerians.

The registration framework was necessitated by the disturbing activities of loan apps in the country, especially the illegal ones, over allegations of rights violations and unfair practices.

As of May 2024, the number of registered loan apps in Nigeria had increased to 284, including 232 companies with full approval and 41 others licensed by the Central Bank of Nigeria (CBN).

This increase in registered apps is a positive response to the regulatory measures, yet the challenge of unregistered apps is still an issue.

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  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: Android Application Packages (APKs)Dr Adamu AbdullahiFCCPCFederal Competition and Consumer Protection CommissionGbemi AdelekanGoogle Play StoreLoan Apps
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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