The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a five-day ultimatum to digital money lenders to demonstrate their adherence to the established guidelines. Additionally, it has requested Google to remove 18 digital lenders from the Playstore due to violations of these guidelines. The FCCPC emphasizes that compliance with the guidelines is now mandatory, and failure to do so would be considered a violation of the law.
The 18 digital money lenders that were delisted and requested for removal from Playstore were found to be operating without proper regulatory approval or were in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines). The commission further clarified that only digital money lenders with proven regulatory scrutiny and compliance, evidenced by written approval from them, are allowed to operate on Playstore.
On July 20, 2023, the Federal Competition and Consumer Protection Commission (FCCPC) removed two loan apps, namely Getloan and Camelloan, from the Google Play Store for engaging in harassment of Nigerian citizens.

During their investigation and monitoring of illegally operating digital money lenders, the FCCPC uncovered dishonest practices by at least two loan firms that were supposedly legally registered on the commission's approval list.
Following this, on Wednesday, the FCCPC took further action by delisting an additional 16 loan companies and requested Google to remove them from the Play Store as well.
The statement was made by Babatunde Irukera, the Executive Vice Chairman and Chief Executive Officer. He emphasized that all digital money lenders, whether operating on Playstore or through any other means, are required to adhere to the guidelines set by the commission.
The FCCPC listed the apps that were deleted and requested Google's immediate action to remove them. The listed apps are: "Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan."

The commission pointed out that some digital money lenders were using Android Package Kits (APK) file formats to reach consumers outside of Google Playstore, attempting to evade or avoid regulatory compliance.
It emphasized that compliance with its guidelines is compulsory for all digital money lenders, irrespective of whether they intend to be on Playstore, operate using APK file formats, or any other means. Failure to comply with the guidelines is considered a violation of the law, rendering such operations illegal.

The statement also mentioned that the commission is considering further action against other non-compliant apps.
Digital Money Lenders, regardless of their operating means or platforms, are instructed to furnish evidence of compliance with the guidelines within five days from the date of this announcement.

Additionally, all existing and approved Digital Money Lenders offering digital lending services through APK file formats, in addition to Playstore, must provide evidence that their APK operations are in full compliance with the law.
Moreover, all previously approved digital money lenders, whether approved by the commission or otherwise, are required to revalidate their information with the commission.
It was emphasized that any violations or breaches of the guidelines could result in severe consequences, including permanent delisting and prohibition, as well as potential law enforcement action, including prosecution.