FG Takes Swift Action, Delists 28 Illegal Loan Apps

In a significant move to clean up the digital money lending sector, the Federal Government of Nigeria has taken decisive action by delisting 28 illegal digital money-lending apps.

This action, aimed at safeguarding the interests of Nigerian consumers, was revealed in the latest report from the Federal Competition and Consumer Protection Commission (FCCPC).

The FCCPC’s report indicates that the number of delisted digital money-lending (DML) apps has surged from nine to a total of 37, highlighting the government’s commitment to addressing the issues associated with unauthorized lending platforms. Simultaneously, the list of approved digital money lending apps has grown from 154 to 164.

In a bid to ensure transparency and consumer protection, the Commission is closely monitoring 54 other DML apps that are currently on its watchlist.

This proactive approach underscores the government’s determination to end the harassment of Nigerian citizens by unscrupulous digital money lenders.

The crackdown on illegal digital money-lending apps follows similar actions taken by the FCCPC in July and August, reflecting the urgency and seriousness with which the Commission is approaching this issue. . Advertisement – 6

Below is the full list of the 28 delisted loan apps: 1. Swiftkash App
2. Hen Credit Loan App
3. Cash Door App
4. Joy Cash-Loan Up To 1,000,000 App
5. Eaglecash App
6. Luckyloan Personal Loan App 7. Getloan App
8. Easeloan Apps
9. Naira Naija
10. Cashlawn App
11. Easynaira App
12. Crediting App
13. Yoyi App
14. Nut Loan App
15. Cashpal App
16. Nairaeasy Gist Loan App
17. Camelloan App
18. Nairaloan App
19. Moneytreefinance Made Easy App
20. Cashme App. Advertisement 5 Other loan apps delisted are
21. Secucash App
22. Creditbox App
23. Cashmama App
24. Crimson Credit App
25. Galaxy Credit App
26. Ease Cash App
27. Xcredit
28. Imoney
29. Nairanaija-Instant
30. Imoneyplus-Instant
31. Nownowmoney
32. Naija Cash
33. Eagle Cash
34. Firstnell App
35. Flypay
36. Spark Credit.

What it means ?

The delisting of these loan apps signifies a crucial step towards ensuring the safety and security of digital money lending in Nigeria. It sends a clear message to illegal operators that their activities will not be tolerated and that the government is committed to protecting the interests of Nigerian consumers.

…..As the FCCPC continues its vigilant oversight of the digital money lending sector, Nigerians can expect greater transparency and accountability from approved digital money lenders, fostering a healthier and more secure lending environment.