The Federal Competition and Consumer Protection Commission (FCCPC) has issued sweeping orders on Google LLC (Play Store) and Apple Inc. (App Store) to force the removal of certain money lending apps from their stores.
It was disclosed by the agency in a statement released by Babatunde Irukera, its Executive Vice President/Managing Director and seen by Nairametrics.
According to the statement, the Tech duo companies should remove certain companies from lending apps when evidence has established inappropriate conduct or use of the app in violation of consumer rights.
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What FCCPC says about the order
He stated: “The Commission entered and served wide-ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the removal of certain apps when evidence established inappropriate conduct or use of the app in violation of consumer rights.
“The Commission’s order also prohibits the acceptance and submission of new applications for the same purposes without regulatory review and approval. The investigation is still active and ongoing. The JRETF expects further similar actions as it continues to gather additional information in this regard.
“In addition, and pursuant to a Federal High Court order obtained and granted to the FCCPC, the JRETF executed a search and seizure order on certain digital money lenders.
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“As part of the operation, the JRETF, in conjunction with the Nigerian Police and the Bailiff of the Federal High Court, searched the premises of the money lenders, extracted valuable evidence and, in certain circumstances, prohibits or restricts continuous operations.
“In addition to the physical operation mentioned above, the Commission issued and served orders on several financial institutions freezing or suspending the operations of certain accounts that some of the lenders used to carry out business or transactions involved subject of an investigation..”
Irukera said it had obtained a court order against certain digital money lenders that abused customers’ rights, ordering them to seize transactions during its regulatory investigations. This comes after a joint regulatory application led by FCCPC, NITDA, ICPC and CBN on Friday, March 11, 2022.
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“In the meantime, the Commission urges all companies that were subject to regulatory intervention on Friday, March 11, 2022 to cease and desist from interest compounding and repayment of loans,” it said. she adds.
Irukera added that they warned that in any event, these companies would pursue any conduct, or if the commission received credible evidence of it, violators would be subject to the full extent of the law, citing that all companies subject to the regulatory intervention of March 11, should ” Cease and waive the compound interest and repayment of the loan that is the subject of this investigation.
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What you should know
Nairametrics reported last December that the Federal Competition and Consumer Protection Commission (FCCPC) said that the joint committee set up by the federal government to tackle the violation of consumer rights and unfair practices in the Money lending industry will shut down illegal businesses early. of its execution.