The Federal Competition and Consumer Protection Commission (FCCPC) has released a fresh list of 154 companies it has given full approval to operate loan apps in the country.
While the earlier published list of approved companies was unpublished by the Commission for what it called ‘clean-up’, the new list just released is more detailed as it added the apps operated by each company under the approval list.
The release of apps associated with the companies will allow customers to identify the companies behind the app they are using and also curtail cases of app duplicity by the companies.
Aside from the companies given full approval, the Commission said 40 other companies have been issued conditional approval. This brings the total loan app companies recognized by the FCCPC to 194.
The full list of the 154 companies fully approved and the 40 with conditional approval be accessed here.
Apps Under Watchlist
Meanwhile, the Commission said it has also placed 20 loan apps suspected of engaging in unethical practices under its watchlist. These apps include those it recently requested Google to remove from the Play Store.
According to the FCCPC, the loan apps that have been placed under the watchlist include: Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme.
Others are: Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa.
Unapproved Apps On Play Store
The Chief Executive Officer of the FCCPC, Mr. Babatunde Irukera recently disclosed that many unapproved loan apps are still available on the Google Play Store, despite an agreement with Google that they should be removed.
Irukera said the Commission would continue to engage with Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform.
“Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore.”
The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play Store.
“This appears to be a device by some of these DMLs to evade or avoid regulatory compliance,” he said.
Irukera added that compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats, or any other means for that matter.
According to him, failure to comply with the Guidelines is a violation of law and renders any such operation illegal.
