Does The FCCPC Have The Powers To Regulate Other Financial Institutions?

There has been a lot of confusion in the fintech and payments platform space, following the Federal Competition and Consumer Protection Commission's (FCCPC) release of its statement titled "Further and Continuing Investigation of Rights Violations in Money Lending Industry; and Release of Interim Regulatory Framework" (the "Update"). The statement was released on Thursday, 18^th August 2022, as a result of the FCCPC's investigation into rights violations in the Money Lending Industry. From its statement, the FCCPC ostensibly made the following orders:

1. Google play store should take down specific applications operating in circumvention of the FCCPC's investigative interventions;