The Federal Government has taken a bold step to sanitize the digital money-lending sector by delisting 28 illegal apps that offer loans to Nigerians.
This was revealed by the Federal Competition and Consumer Protection Commission (FCCPC) in its latest report on approved digital money lender apps.
The report showed that the number of delisted apps increased from nine to 37, while the number of approved apps rose from 154 to 164.
The Commission also said that 54 apps are under its watchlist and will be monitored for compliance with the regulations.
The move by the government is aimed at curbing the harassment and exploitation of Nigerians by the illegal lenders, who often charge exorbitant interest rates, impose unfair terms and conditions, and use unethical methods to recover their loans.
In July and August, the FCCPC had also delisted some illegal digital money-lending apps that violated the consumer rights of Nigerians. The full list of the delisted apps are as follows:
- Swiftkash App
- Hen Credit Loan App
- Cash Door App
- Joy Cash-Loan Up To 1,000,000 App
- 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.
