Google will boot out Maxi Credit, Here4U, ChaCha, and SoftPay for operating as illegal loan banks in Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) has said that it asked Google to boot out the apps.
It said it has asked Google to remove the apps from its Play Store for engaging in unethical practices that also violate customers’ privacy rights.
The Commission also said that Soko Loan is another notorious online shark under its radar.
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Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera, revealed this in a chat with journalists during the Commission’s enforcement drive against the loan sharks.
According to him, Soko Loan company operates under several other brand names which the commission is now going after.
“The information available to the Commission demonstrates that Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names covering a significant share of the digital/online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms, and ethical loan repayment t/recovery practices.”
“Prior to today’s operation, the Commission had previously, on March 11. 2022 carried out a similar enforcement action with respect to multiple lenders, which action and continuing investigation have reduced previously high and escalating unethical, obnoxious, and unscrupulously exploitative practices in the industry.
However. some of the lenders who have been subject of investigation have devised methods to leverage technology and other financial services alternatives to circumvent account freezing and app suspension Orders. With the operations today, the Commission expects an appreciable additional reduction in these unacceptable practices,” he added.
“The Commission has also today entered further orders that will disable or diminish violators’ ability to devise circumvention efforts or alternative mechanisms to circumvent the objective of the investigation and protection of citizens.
Particularly, the Commission has entered further Orders to Google Play Store to draw down the following apps which were discovered to be created and operating as a circumvention of existing investigative interventions; Maxi Credit, Here4U, ChaCha, and SoftPay.
“The commission has ordered all operating payment systems including Fluttewvave, Opay, Paystack and Monify to immediately cease and desist providing payment or transaction services to lenders under investigation or not otherwise operating with applicable regulatory approvals.
The Commission has also ordered telecommunication/ technology companies (including Mobile Network Operators (MNOs)) to cease and desist providing server/hosting, or other key services such as connectivity to disclosed or known lenders who are targets/subjects of investigation or otherwise operating without regulatory approval,”
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