The Federal Government on Monday, through the Federal Competition and Consumer Protection Commission (FCCCPC) delisted 37 more illegal loan apps, strengthening its crackdown on the operation of unlicensed loan sharks in Nigeria.
As a result of this development, the total number of fully approved loan apps has increased to 164, up from the previous count of 154, as of the latest updates on the commission’s website on Monday.
Meanwhile, the number of loan apps with conditional approval has decreased to 38, down from the previous count of 40. Additionally, the number of apps on the commission’s watchlist has surged to 56, up from the previous count of 20.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Since last year, the FCCPC has maintained its crackdown on loan apps that are perceived to be operating without the proper legal authorization or engaged in unlawful activities.
On August 1, 2023, the FCCPC formally requested Google to remove illegal loan apps that were operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines), from its Play Store.
This crackdown comes in response to ongoing complaints from Nigerian borrowers about the aggressive tactics employed by these loan companies when attempting to recover outstanding loans.
See the list of 37 newly delisted loan apps below:
- 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
These loan companies typically have access to borrowers’ phone contacts and often resort to calling or sending defamatory messages about the borrower who defaulted, to these contacts.
Last week, the Nigerian Communications Commission (NCC) issued a strong warning to loan app companies regarding their unauthorized use of individuals’ phone numbers for commercial purposes. The Commission warned that individuals found engaging in such activities would face arrest and prosecution.
