Federal Competition and Consumer Protection Commission (FCCPC) have delisted a total of 47 unregistered loan apps operating in the country from the Google Play Store. This is according to data from the FCCPC as of May 2024.<\/p>\n
Amid this clampdown by FCCPC several unregistered loan apps have continued operating in the country through Android Package Kit (APK).The APKs are shared in the form of a link which once clicked takes the user to a file to download an app not listed on any app store.\u00a0\u00a0<\/span><\/p>\n Despite the FCCPC\u2019s moves to sanitize the digital lending space through registration and identification of players, the practice of harassing and threatening borrowers remains unabated in the market.\u00a0<\/span><\/p>\n However, the Chairman of the Money Lenders Association, the umbrella body of the registered loan app companies in Nigeria, Mr. Gbemi Adelekan, blames it on the unregistered apps.<\/span><\/p>\n According to him, many unregistered loan apps delisted from the app store are using APK to avoid regulatory compliance.\u00a0\u00a0<\/span><\/p>\n He said people taking loans from them are exposed to harassment and defamation as they are not under any control.<\/span><\/p>\n He added that the unregistered apps push loans to people without applying and then resort to unethical means to recover the debt.\u00a0<\/span><\/p>\n \u201cWhile most licensed Digital Money Lenders (DML) are operating their loan app business ethically, in compliance with the prevailing laws of the land and lending principles, we also have a few bad eggs in the industry with illegal lending practices and unethical recovery processes<\/em>\u201d<\/em>\u00a0<\/em>\u00a0<\/span><\/p>\n \u201cMost of these unscrupulous lenders are unregistered and without the required licenses, thereby contravening various regulations and guidelines introduced by FCCPC and the various regulatory bodies of the Government. These illegal operators use threatening and arm-twisting tactics as part of their collection strategy,\u201d<\/span><\/em>\u00a0he said<\/span><\/p>\n The consumer protection agency recently expressed worry over the increase in unethical practices by lending apps in the country.<\/p>\n In response to that, the Commission said it has placed 88 apps on its watchlist in addition to the 47 that have been delisted in collaboration with Google.\u00a0\u00a0<\/span><\/p>\n Acting\u00a0Executive Vice Chairman\/ Chief Executive Officer, of the FCCPC,\u00a0Dr. Adamu Abdullahi, said infractions have been on the rise as more Nigerians are now taking loans from the various loan apps.\u00a0\u00a0<\/span><\/p>\n He said\u00a0the Commission would now involve law enforcement agents in tackling the menace in addition to regulatory<\/span>\u00a0prohibition and consequences.<\/span>\u00a0<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Federal Competition and Consumer Protection Commission (FCCPC) have delisted a total of 47 unregistered loan apps operating in the country from the Google Play Store. This is according to data from the FCCPC as of May 2024. Amid this clampdown by FCCPC several unregistered loan apps have continued operating in the country through Android Package […]<\/p>\n","protected":false},"author":27,"featured_media":34645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-34644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34644"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34644\/revisions"}],"predecessor-version":[{"id":34647,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34644\/revisions\/34647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34645"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}