This was a decisive move to protect Nigerian consumers from unscrupulous financial practices, thus the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), delisted 37 more illegal loan apps. The updated list of loan apps banned in Nigeria reinforces the government's commitment to maintaining a fair and transparent digital lending environment. With this latest development, the number of fully approved loan apps in Nigeria has increased to 164 from the previously reported 154, according to updates from The PUNCH as of Monday.
Furthermore, the FCCPC's watchlist has grown substantially, from 20 apps to 56, indicating an increased focus on scrutinizing apps that might pose risks to consumers or operate without the necessary approvals. This intensified vigilance serves as a clear message that the government is committed to safeguarding the interests of Nigerian borrowers.
The FCCPC's mission to protect consumers from predatory lending practices came into the spotlight on August 20, 2023, when it permanently delisted and initiated the process of removing at least two loan apps from the Google Play Store. These apps were singled out for their harassment of Nigerian borrowers, highlighting the real-world consequences of unregulated digital lending.
This action followed a request made by the FCCPC to Google on August 1, 2023, urging the tech giant to remove illegal apps that operate without regulatory approval or violate the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines). The government's decision to involve major app distribution platforms like Google is a strategic move to cut off access to these harmful apps and protect unsuspecting consumers.
Here is a list of the 37 newly delisted loan apps.
Swiftkash App
Hen Credit Loan App
Cash Door App
Joy Cash-Loan Up To 1,000,000 App
Eaglecash App
Luckyloan Personal Loan App
Getloan App
Easeloan Apps
Naira Naija
Cashlawn App
Easynaira App
Crediting App
Yoyi App
Nut Loan App
Cashpal App
Nairaeasy Gist Loan App
Camelloan App
Nairaloan App
Moneytreefinance Made Easy App
Cashme App
Secucash App
Creditbox App
Cashmama App
Crimson Credit App
Galaxy Credit App
Ease Cash App
Xcredit
Imoney
Naira Naija
Imoneyplus-Instant
Nairanaija-Instant
Nownowmoney
Naija Cash
Eagle Cash
Firstnell App
Flypay
Spark Credit
Luckyloan Personal Loan App
As the regulatory landscape continues to evolve, consumers can expect a safer and more transparent digital lending environment in Nigeria, with the FCCPC leading the charge in ensuring fair lending practices and consumer protection.
- The PUNCH
