The Nigerian Federal Government on Monday 11th September 2023, through the Federal Competition and Consumer Protection Commission delisted 37 more illegal loan apps. With the development, the number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday.
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.
The FCCPC, wielding its regulatory authority, has been closely monitoring the activities of loan apps to ensure compliance with established regulations. As a result of these efforts, the number of loan apps with conditional approval has decreased to 38 from 40, clearly demonstrating the government's zero-tolerance approach towards non-compliance.
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.
Hen Credit Loan App
Cash Door App
Joy Cash-Loan Up To 1,000,000 App
Luckyloan Personal Loan App
Nut Loan App
Nairaeasy Gist Loan App
Moneytreefinance Made Easy App
Crimson Credit App
Galaxy Credit App
Ease Cash App
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
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