Nigeria: Federal Competition and Consumer Protection Commission issued order of removal of 18 non-compliant digital money lending applications

On 2 August 2023, the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria ordered Google to remove 18 digital money lending (DML) applications from the Google Play store. These apps had been previously delisted by the Commission on 20 July 2023 due to non-compliance with regulatory guidelines, rendering their operations illegal. Additionally, the FCCPC prohibited payment gateways from serving these affected businesses. The FCCPA also identified other apps operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022. It addressed the use of Android Package Kits (APKs) by some DMLs to bypass regulations and mandated that all DMLs demonstrate compliance within five days. Non-compliance may result in permanent delisting, prohibition of services, and legal consequences.