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In a significant move to protect Nigerian consumers from predatory lending practices, the Federal Competition and Consumer Protection Commission (FCCPC) has recently delisted a total of 37 loan apps from digital marketplaces, including Swiftkash App and Hen Credit Loan App.
This development was disclosed via an official update on the agency’s website.
The FCCPC’s actions were prompted by concerns over the harassment of Nigerian borrowers by some unscrupulous digital lenders operating within the country.
Among the key highlights of the agency’s recent actions are as follows:
According to the FCCPC, the delisted loan apps have been permanently removed from the Google Play Store.
This move underscores the commitment of both the commission and Google to safeguarding the interests of Nigerian consumers in the digital lending sector.
While the FCCPC has cracked down on certain loan apps, it has also expanded the list of fully approved loan apps, increasing the number from 154 to 164.
The number of loan apps with conditional approval, which previously stood at 40, has been reduced to 38.
This indicates stricter criteria for lending platforms seeking approval from the FCCPC.
The FCCPC’s watchlist, which includes loan apps under close scrutiny, has grown significantly from 20 to 56.
This suggests increased vigilance and regulatory oversight in the digital money lending space.
The move by the FCCPC to delist these loan apps is seen as a necessary step to protect Nigerian borrowers from exploitative lending practices.
The full list of delisted apps includes;
Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan, 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, and Spark Credit.
