{"id":98345,"date":"2022-08-19T08:34:14","date_gmt":"2022-08-19T07:34:14","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98345"},"modified":"2022-08-19T08:34:14","modified_gmt":"2022-08-19T07:34:14","slug":"remove-four-money-lending-companies-from-app-store-fg-orders-google","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/remove-four-money-lending-companies-from-app-store-fg-orders-google\/","title":{"rendered":"Remove Four Money Lending Companies From App Store, FG Orders Google"},"content":{"rendered":"<div style=\"text-align: justify;\">The Federal Competition and Consumer Agency has ordered Google Play Store to pull down four money lending companies for \u201cescalating unethical, obnoxious and unscrupulously exploitative practices in the industry.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A statement signed by Babatunde Irukera, the commission\u2019s Chief Executive Officer said the affected companies are Maxi Credit, ChaCha, Here4U and SoftPay.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to the statement, Irukera gave the order during an enforcement operation, in Ikeja area of Lagos .<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He had in March led a similar operation to tackle \u201cpossible violation\u201d of consumer rights where at least seven loan companies including Soko Loan were raided.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The commission\u2019s boss said that some lending companies including Soko Loan who have been subject of investigation \u201chave devised methods to leverage on technology and other financial services alternatives to circumvent account freezing and app suspension Orders.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWith the operations today, the Commission expects appreciable additional reduction in these unacceptable practices.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe 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,\u201d the statement reads.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cFor apps not on the Play Store, the Commission continues to trace what platforms they are hosted on in order to disable them; the Commission invites any information from the public in this regard.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Commission also ordered all operating payment systems including Flutterwave, Opay, Paystack and Monify to immediately desist from providing payment or transaction services to money lenders under investigation or sought the commission\u2019s approvals.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe 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,\u201d the statement reads.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Mr Irukera said that a regulatory framework to promote fair, \u201ctransparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers\u201d is now available.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIt requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending,\u201d he explained.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe Guidelines also mandate different service providers in the relevant ecosystem (such as banks, access\/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.\u201d<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Federal Competition and Consumer Agency has ordered Google Play Store to pull down four money lending companies for \u201cescalating unethical, obnoxious and unscrupulously exploitative practices in the industry.\u201d A&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":98346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Remove Four Money Lending Companies From App Store, FG Orders Google - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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