The Federal Competition and Consumer Protection Commission (FCCPC) has released a new report indicating a significant increase in the number of delisted loan apps, now totaling 37. This development marks a notable rise from the previous count of nine apps that were delisted.
Additionally, the FCCPC report reveals that the number of fully approved loan apps has grown to 164, up from the previous figure of 154. In contrast, the number of loan apps with conditional approval has decreased to 38 from 40. Furthermore, the number of apps placed on the commission’s watchlist has surged to 56 from a previous count of 20.
These changes come as a result of the FCCPC’s continuous efforts to bring order to the digital money lending landscape, particularly in response to reports of harassment of Nigerians by some lending platforms.
According to the commission, the delisted loan platforms have been permanently removed from the Google Play Store. The list of these delisted apps includes names such as “Swiftkash App,” “Hen Credit Loan App,” “Cash Door App,” “Joy Cash-Loan Up To 1,000,000 App,” “Eaglecash App,” “Luckyloan Personal Loan App,” and many more.
In recent times, the FCCPC has been committed to ensuring that Nigerians have access to secure and reputable loan apps while cracking down on dubious practices within the digital money lending industry.
This move towards increased oversight and regulation is aimed at safeguarding consumers and maintaining a fair and transparent lending environment in the country.