FCCPC blames Google for behaviors of online lenders
The Federal Competition and Consumer Protection Commission (FCCPC) holds Google Play Store responsible for the failure to trace the owners of certain online lenders for violating consumer rights.
FCCPC Executive Vice President and Chief Executive Officer, Mr. Babtunde Irukera, said so during a collaborative engagement with reporters on Thursday in Lagos, while talking about the “state of the market” and what awaits us.
He viewed development as a potential threat to key national interests.
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According to him, once Google uses its Play Store as a platform for this type of application to work, there is a problem.
Irukera said, “No company, no matter how good it brings, should have that prerogative or that ability to be so anonymous.
“And that’s the problem we’re facing. So we have to hold accountable the big guys who make a ton of money with our citizens.
“If we can hold them accountable and they become accountable for this type of behavior, then we can cascade down and we can tell Instagram that if someone is going to sell things on your platform, there must be certain information which must be available.
“You can’t provide these platforms and make money and look away while people coming to this platform exploit people and people are blocked.
“There has to be flat ground for everyone. Without it, even your business itself is exploitative. If you are not the exploiter, you at least cede the platform to the exploiters to exploit people.
According to him, it is easier to hold Google responsible for these individuals behind the online money lenders.
He said the commission may need to work with law enforcement in the United States, to provide them with the information needed to get those behind the digital lenders.
Irukera said: “We have our counterparts there and we will use our counterparts to tell Google that you are not welcome in this country if we cannot find you; that a regulator cannot bind you when your platform is used to exploit people.
“No! You are not welcome. You are absolutely not welcome if your platform can be used to exploit people and the regulator cannot prevent this exploitation.
“Therefore, you are absolutely not welcome. And I have absolutely no excuse for saying that about Google.
Irukera said that when trying to pull apps from the Google Store, regulators couldn’t even get in touch with Google.
On March 11, the Commission raided some online lenders in Lagos.
Lending companies offer short-term loans to help subscribers meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying and data privacy breaches of their customers who may have defaulted on loan repayment. ready.
The companies – GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni.