FCCPC Takes Action Against 38 Unauthorized Loan Apps in Nigeria

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.