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This decision was made by the Inter-Agency Joint Task Force on Digital Lending Apps after conducting investigations. The FCCPC has been taking action against predatory loan apps to protect the rights of consumers in Nigeria. Last August, the commission ordered Nigerian fintech to stop providing payment or transaction services to digital money lenders under investigation.
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In March 2022, the FCCPC closed down and froze the bank accounts of six predatory loan operators and ordered Apple and Google to remove their apps from their platforms. These loan apps include GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni. According to Babatunde Irukera, CEO of FCCPC, Google has been supportive of the efforts, providing expert knowledge and experience to assist in achieving regulatory objectives.
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In January 2023, Google announced that loan apps operating in Nigeria and Kenya will be required to provide their operating licenses or they will be removed from the Google Play store. Notable Nigerian fintech companies such as Sycamore, Trade Depot, Fairmoney, Pivo Africa, Payhippo and Carbon are among the digital lenders that have received full approval. Umba, a Nigerian digital bank that raised $15 million in Series A last year, has been granted conditional approval. Featured Image Source: TechCabal
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