Nigerian Government Delist 37 illegal Loan Apps Without Regulatory Approval
The federal government of Nigeria through the Federal Competition and Consumer Protection Commission (FCCPC) has delisted 37 illegal loan apps from the Google Play Store.
According to the FCCPC, the delisted loan apps were permanently removed by Google from the Playstore, due to their operation without regulatory approval, and the violation of the digital lending framework.
Following this recent action by the commission, the number of loan apps with conditional approval declined from 40 to 38, and the number of apps on the commission’s watchlist grew to 56 from 20.
This development is occurring following the federal government’s decision to regulate the lending space, due to some ethical behaviors from several loan apps.
Check Out The List of The 37 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. Get a loan 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
21. Secucash App
22. Creditbox App
23. Cashmama App
24. Crimson Credit App
25. Galaxy Credit App
26. Ease Cash App
27. Xcreditz
28. Imoney
29. Naira Naija
30. Imoneyplus-Instant
31. Nairanaija-Instant
32. Nownowmoney
33. Naija Cash
34. Eagle Cash
35. Firstnell App
36. Flypay
37. Spark Credit
The delisting of the 37 loan apps is coming after the federal government on the 3rd of August this year, removed 18 digital lenders from Play Store for violations of its guidelines.
Also, on July 20, 2023, the FCCPC delisted two loan apps, Getloan and Camelloan, from Google Play over the unethical harassment of loan defaulters.
The Federal Competition and Consumer Protection Commission (FCCPC), has therefore stated that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed on the Play Store.
The commission further noted that failure to comply with laid down frameworks and regulations from digital money lenders will lead to permanent delisting, prohibition, and law enforcement action, such as prosecution.
