The Federal Competition and Consumer Agency has directed Google Play Store to take down four money lending companies for “escalating unethical, obnoxious and unscrupulously exploitative practices in the industry.”
A statement signed by Babatunde Irukera, the agency’s Chief Executive Officer on Thursday said the affected money lending firms are Maxi Credit, ChaCha, Here4U and SoftPay.
He had in March led a similar operation to tackle “possible violation” of consumer rights where at least seven loan companies including Soko Loan were raided.
Irukera said that some lending companies including Soko Loan who have been subject of investigation “have devised methods to leverage on technology and other financial services alternatives to circumvent account freezing and app suspension orders.
“With the operations today, the Commission expects appreciable additional reduction in these unacceptable practices.”