FG orders Google and Apple to deactivate ‘illegal’ online banks and loan apps

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The Federal Competition and Consumer Protection Commission has ordered Google LLC (Play Store) and Apple Inc. (Apple Store) to deactivate unathorised online banks and loan applications.

The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.

The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval.

This is coming two days after FCCPC, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force shut down some illegal financial institutions operating on Opebi Road, Ikeja, Lagos.

The decision was contained in a statement yesterday by Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, for the Joint Regulatory and Enforcement Task Force.

He said the order is in furtherance of the action taken by the Inter-Agency Joint Regulatory and Enforcement Task Force last Friday, which led to the shutdown of some online banks.