- The federal government, in partnership with the FCCPC, registers and approves 211 loan applications, with 172 receiving full approval and 39 conditional
- The move is aimed at regulating the digital lending landscape in Nigeria, tackling unethical practices and protecting consumers from predatory lending
The Federal Government, in collaboration with the Federal Competition and Consumer Protection Commission (FCCPC), has registered and approved a total of 211 loan applications as of the end of October 2023.
Of those 211 companies, 172 have received full approval from the commission, while 39 have been granted conditional approval. The FCCPC, in partnership with the Joint Task Force (JTF), developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. The initiative aims to establish a fair, transparent and beneficial alternative lending system for Nigerians. Loan app registration became necessary due to the worrisome operations of various loan apps in the country. Many of these apps have been accused of unfair practices, rights abuses, and unethical interest rates.
Some have also engaged in practices such as naming and shaming, which violate the privacy of individuals in the loan recovery process.
Additionally, the number of loan programs under the watch list has increased from 55 in September to 84 as of October.
Notable apps on the watchlist include CashLoan App, EasyNaira App, Crediting App, YoYi App, Nut Loan App, CashPal App, NairaEasy Guest Loan App, Cameleon App, NairaLoan App, MoneytriFinance Made Easy App, CashMe App, Sekukash App, Creditbox App.
And Cashmama app. Others include Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash and Getloan. Additionally, in collaboration with Google, the FCCPC has taken action against the illegal operation of credit applications by removing a total of 45 of these applications from the Google Play Store.
This joint effort by the federal government and the FCCPC aims to regulate the digital lending landscape in Nigeria and protect consumers from predatory and unethical lending practices.
