Several unregistered loan apps have continued to operate in the country via the Android Package Kit (APK) as the Federal Competition and Consumer Protection Council (FCCPC) continues its clampdown on rogue apps.
As of the end of last month, despite almost 50 loan apps having been deregistered from the Google Play Store, many of them manage to reach customers through the APK.
The APK are shared via a link which once clicked, redirects the user to download an app not listed on the app store, thereby avoiding scrutiny and regulation.
Thus, despite the effort of the FCCPC to sanitise the lending space by properly identifying and registering the companies, the unethical practice of harassing and threatening customers continues to linger.
The Chairman of the Money Lenders Association, Gbemi Adelekan confirmed this development and added that the unregistered apps go as far as sending loans to people who didn’t apply for it and then resorting to unethical means to retrieve them.
The FCCPC expressed concerns over the spike in unethical practices by rogue apps despite its concerted efforts to rein them in and it said it will now involve law enforcement agencies in tackling the menace in addition to its regulatory punitive measures.