FG Asks Google To Take Down Four Loan Apps Over Alleged Exploitation
The Federal Government has requested Google to take down four loan software applications from play store for alleged exploitative practices.
According to a statement signed by Babatunde Irukera, the Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), the applications includes; Maxi Credit, Here4U, ChaCha and SoftPay.
Some of the loan apps indulge in unethical, obnoxious, and unscrupulously exploitative practices in the industry, Irukera claimed.
He said investigations reveal that some the applications had connived methods to leverage technology and other financial services alternatives to bypass account freezing and app suspension Orders.
However, the Commission pinpointed SokoLoan as the most prolific actor in infringing consumer privacy, fair lending terms, and ethical loan repayment/recovery practices.
“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 statement partly read.
Furthermore, the Commission directed all operating payment systems including Fluttewave, Opay, Paystack and Monify to immediately discontinue and desist providing payment or transaction services to lenders under investigation or not otherwise running with applicable regulatory approvals.
It called on telecommunications providers to deviate from providing the technology to host the loan apps.
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