Google Begins Removal of Loan Apps Without FCCPC License From Store
- Google has said it will begin the removal of unlicensed loan apps from its Store effective January 31, 2023
- The tech company stated that any loan app without authorised documents from FCCPC would risk the removal
- Specifically, Google listed loan apps from Nigeria, Kenya, the Philippines and Indonesia as mostly affected by its new policy
Google has said it will begin to remove loan apps without licensing documents from Play Store in line with its new policy guideline.
Following the new guideline from the tech giant, loan apps operating in Nigeria are now required to provide approval documentation from the Federal Competition and Consumer Protection Commission (FCCPC) or be removed from the Store from January 31, 2023.
Source: Getty Images
The new Google policy guidelines affect loan apps in Nigeria, Kenya, India, the Philippines and Indonesia, known to be the operational bases of unregistered loan apps.
According to Google, the policy applies to apps offering loans directly to customers with third-party lenders.
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Google gives 30 days grace
Reports say Google gave the apps a grace period of 30 days from November 16, 2022, to comply with the new directives or be removed effective January 31, 2023.
It stated that loan apps operating in Nigeria must adhere to and complete the limited interim regulatory/registration framework and guidelines for digital lending and get a verifiable approval letter from FCCPC.
Google said:
“You must, upon Google Play’s request, provide additional information or documents relating to your compliance with the applicable regulatory and licensing requirements.”
FCCPC on the hunt for violators
FCCPC has been hunting for recalcitrant loan apps that violate consumer rights and privacy in Nigeria.
It said investigations showed that some apps under probe are lurking in Stores and have continued to violate consumer rights and privacy.
The Commission mentioned the banned Soko Loan app as being behind most unlicensed apps on Play Store and has used them to bypass the Commission’s regulations.
Nigerian government asks Google, Apple to delete loan sharks from stores, lists defaulting apps
Recall Legit.ng reported that the Nigerian government, via the Federal Competition and Consumer Protection Commission (FCCPC), has asked Google and Apple to delete about four loan apps from their stores.
The FCCPC said the loan apps engaged in unethical practices against its laid down procedures.
The affected apps include Maxi Credit, Here4U, Chacha and SoftPay.
Source: Legit.ng
