Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has announced its decisive steps to combat harassment and slander by digital lenders. As part of its latest measures to safeguard Nigerian consumers, the FCCPC intends to eliminate loan applications that engage in such practices and has requested Google to permanently remove these apps from its app store.
The FCCPC’s response comes in the wake of ongoing complaints regarding the mistreatment endured by Nigerians at the hands of these digital lenders. In a bid to protect citizens from the activities of these lenders, the Federal Government has been implementing various measures, with this being the most recent development.
Earlier this year, the FCCPC enforced a mandatory registration requirement for loan apps, making it compulsory for them to register with the commission. Thus far, the commission has granted full or conditional approval to 180 apps, enabling them to operate in the country.
Google has also taken a stance on the matter, announcing that loan apps will not be permitted on its app store without regulatory approval. In an April statement, Google declared that loan apps on the Play Store would lose their access to users’ contacts or photos as of May 31, 2023.
Babatunde Irukera, the Chief Executive Officer of the FCCPC, emphasized the commission’s determination to permanently shut down the activities of these apps, ensuring a safer lending environment for Nigerian consumers.
