Full List: FG Names 103 Loan Apps on Its Watch List, Delists 45
- The federal government has placed over 100 digital loan apps on a regulatory watch list and delisted 25 others
- The apps on the watch list are under heightened scrutiny over data privacy, debt recovery, licensing among others
- FCCPC has been working hard to protect consumers, curb abusive practices and promote responsible digital lending
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
No fewer than 103 digital loan applications have been placed on the Federal Competition and Consumer Protection Commission (FCCPC), regulatory watch list.
Also, 25 others have been delisted as government steps up efforts to sanitise Nigeria’s fast-growing online lending market.
Source: Facebook
The update disclosed by the FCCPC on its website forms part of ongoing efforts to protect consumers from abusive lending practices, data privacy violations, and unlicensed operations.
According to the commission, loan apps placed on the watch list are under heightened regulatory scrutiny and are required to address compliance gaps within a stipulated timeframe.
Inclusion on the list does not automatically imply wrongdoing but signals unresolved regulatory concerns.
Among the loan apps currently on the watch list are:
- CashLawn App
- EasyNaira App
- Crediting App
- Yoyi App
- Nut Loan App
- CashPal App
- NairaEasy Gist Loan App
- Camelloan App
- MoneyTreeFinance Made Easy App
- CashMe App
- CreditBox App
- CashMama App
- Crimson Credit App
- Galaxy Credit App
- XCredit
- iMoney
- Naira Naija
- iMoneyPlus-Instant
- NairaNaija-Instant
- NowNowMoney / Naija Cash
- Naija Cash
- GetLoan
- Joy Cash – Loan up to ₦1,000,000
- LuckyLoan Personal Loan (Niz Services Limited)
- Hen Credit Loan (Orange Loan and Purple Credit Ltd)
- Cash Door
- EagleCash App
- Ragle Cash App
- Quick Naira App
- Mega Credit App
- Cash Bus App
- Quick Loan App
Source: Getty Images
Delisted loan app
- WeCredit
- 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
- MoneyTreeFinance Made Easy App
Nigeria’s digital lending space has expanded rapidly in recent years due to limited access to bank credit and growing demand for quick loans by individuals and small businesses.
However, the sector has also been plagued by complaints of harassment, illegal data access and opaque loan terms.
Consumers have been advised to verify the regulatory status of loan apps before borrowing and to report any abusive conduct through official complaint channels.
FG launches new credit scheme
Earlier, Legit.ng reported that the Nigerian Consumer Credit Corporation (CREDICORP) has launched YouthCred to make loans available for Nigerian youths.
The national loan scheme allows young people to access up to N5 million as part of efforts to help them actualise their dreams with ease.
Ayodele Olawande, the minister of Youth Development, in a statement the scheme was not just for corps members but for all youths irrespective of their status.
He added that through the YouthCred, youths can bring their big ideas, initiatives, and inventions to life.
Source: Legit.ng
