Full List: FG Announces 50 New Loan Apps, Monitors 84 Others as Google Removes 45 From Play Store

Full List: FG Announces 50 New Loan Apps, Monitors 84 Others as Google Removes 45 From Play Store

  • The number of money-lending apps approved by the Federal Government has now increased to 211
  • The FG is now warning Nigerians to be careful of 84 and has decided to delist 45 with the help of Google
  • The rising cost of living and harsh economic realities have forced many Nigerians to consider loans for survival

The Federal Competition and Consumer Protection Commission (FCCPC) has announced that the total number of approved loan apps in Nigeria is now 211 as of the end of October 2023.

The commission disclosed this in a statement signed by Babatunde Irukera, its Executive Vice-Chairman/Chief Executive Officer.

CBN loan app
FCCPC provides an updated list of approved loan apps. Photo credit: DNY59
Source: Getty Images

According to details from the statement, the approved loan apps comprise 172 with full approval and 39 others with conditional approval, DailyTrust reports.

Legit.ng reports that as of September this year, the total number of companies that had been fully approved stood at 161, while those with conditional approvals were 40.

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This indicates that in one month, an additional 50 loan apps were approved.

84 apps on watch list

FCCPC, in its latest update, also revealed that the number of loan apps under the watchlist of the consumer protection watchdog also increased from 55 in September to 84 in October.

According to the Commission, apps under the watchlist are those suspected to be engaging in unethical practices, such as harvesting customers' details for telemarketing.

Some of the loan apps under the watch list are:

  • 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
  • Credit box App
  • Cashmama App
  • Crimson Credit App
  • Galaxy Credit App
  • Ease Cash App
  • Xcredit
  • Imoney
  • Naira Naija
  • Imoneyplus-Instant
  • Nairanaija-Instant
  • Nownowmoney
  • Naija Cash
  • Getloan.

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More updates on loan apps

Apart from the apps on the watchlist, the FCCPC announced that it worked with Google to remove 45 loan apps from the Google Play Store.

These delisted loan apps were identified as operating illegally in the country.

Full List: FG releases names of illegal loan apps, asks Google to delete them

Legit.ng reported that the FCCPC gave loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned.

FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines.

The commission said compliance with its rules was mandatory, and failure to adhere constitutes a violation of the law.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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