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FCCPC Takes Action Against 38 Unauthorized Loan Apps in Nigeria

FCCPC Takes Action Against 38 Unauthorized Loan Apps in Nigeria
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In a recent announcement, the Federal Competition and Consumer Protection Commission (FCPC) of Nigeria has delisted thirty-seven (38) additional illegal loan apps, strengthening its crackdown on unauthorized financial services.

As of the latest update, the FCPC now lists a total of 164 fully approved loan apps, reflecting an increase from the previous count of 154. The number of loan apps with conditional approval has decreased to 38, down from 40, while the apps under the commission's watchlist have surged to 56, up from the previous 20.

This move follows the FCCPC's decisive action last month when it permanently removed and initiated the deletion process for at least two loan apps from the Google Play Store. These apps were found to be engaging in harassment practices against Nigerian users.

On August 1, 2023, the FCCPC formally requested Google's intervention to eliminate illegal apps that operated without regulatory approval or violated the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).

Here is the comprehensive list of the 38 newly delisted loan apps

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

This enforcement action by the FCCPC serves as a stern warning to operators of illegal loan apps, emphasizing the regulatory commitment to safeguarding Nigerian consumers from unscrupulous financial practices. The Commission continues to encourage users to remain vigilant and report any suspicious or unauthorized financial activities to ensure a secure digital lending environment.

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