Nigerian consumer protection agency orders Google to remove money lending companies from the app

the Federal Competition and Consumer Agency has ordered the Google Play Store to bring down four money-lending companies for “escalating unethical, hateful and unscrupulous exploitative practices in the industry.” The affected companies are Maxi Credit, ChaCha, Here4U and SoftPay, according to a statement signed by Babatunde Irukera, executive president of the commission. Irukera gave the order during an enforcement operation in the Ikeja area of ​​Lagos on Thursday. In March, he led a similar operation to address “potential violation” of consumer rights in which at least seven loan companies, including Soko Loan, were raided. The commission chief said some loan companies, including Soko Loan, that have been the subject of investigation “have devised methods to leverage technology and other financial service alternatives to circumvent account freeze and application suspension orders. “With today’s operations, the Commission expects a further measurable reduction in these unacceptable practices.” Directives “The Commission has entered additional orders into the Google Play Store to remove the following apps found to have been created and operated as a circumvention of existing investigative interventions; Maxi Credit, Here4U, ChaCha and SoftPay,” the statement says. “For apps that are not on the Play Store, the Commission continues to track which platforms they are hosted on in order to disable them; the Commission invites any input from the public in this regard.” The Commission also ordered all operating payment systems, including Flutterwave, Opay, Paystack and Monify, to immediately desist from providing payment or transaction services to lenders that are under investigation or have applied for commission approval. “The Commission has also ordered telecommunications/technology companies (including mobile network operators (MNOs)) to cease and desist from providing servers/hosting or other key services, such as connectivity to disclosed or known lenders who are targeted/subjects. research or otherwise operating without regulatory approval,” the statement read. Mr. Irukera said a regulatory framework is needed to promote fair, “transparent and mutually beneficial” alternative lending opportunities to traditional consumer lending. Now available. “Requires permission to proceed in digital loans; it provides a limited moratorium period for existing businesses to comply in order to continue digital lending,” he explained. “The Guidelines also require that different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) require regulatory approval before providing services.” Read More Related News Here Let here it in the comment below if you do have an opinion on this; Nigerian consumer protection agency orders Google to remove money lending companies from the app