The Federal Competition and Consumer Protection Commission (FCCPC) has continued its crackdown on illegal loan apps, announcing the delisting of 37 more such apps in its latest move to protect Nigerian consumers from predatory lending practices.
This development comes as part of a broader effort to regulate the digital lending sector and ensure the safety and well-being of Nigerian borrowers.
As of Monday, the number of officially approved loan apps sanctioned by the FCCPC has increased from 154 to 164, reflecting the government’s commitment to providing legitimate and trustworthy financial services to the citizens. In contrast, the number of loan apps with conditional approval has decreased from 40 to 38, signaling a stringent evaluation process for new entrants.
The FCCPC has also expanded its watchlist, which tracks apps that may be in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).
The watchlist now comprises 56 apps, up from just 20 in previous updates, underlining the agency’s vigilance in identifying and addressing potential threats to consumer rights.
This recent action follows an earlier report on August 20, 2023, which revealed that the FCCPC had permanently delisted and initiated the process of removing at least two loan apps from the Google Play Store due to their harassment of Nigerian borrowers. On August 1, 2023, the FCCPC formally requested that Google remove all illegal apps operating without regulatory approval or violating the Guidelines from its Play Store.
The newly delisted loan apps, now facing regulatory action, are as follows:
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 (Additional App)
The FCCPC urges Nigerians to exercise caution when dealing with loan apps and report any suspicious or unlawful lending practices. The Commission remains committed to safeguarding the interests of consumers in the digital lending industry, ensuring that only reputable and compliant apps operate within the country’s regulatory framework.
