The Nigerian government through the Federal Competition and Consumer Protection Commission (FCCPC) has registered and approved 211 loan apps.
The 211 companies comprise 172 that have received full approval from the commission and 39 others with conditional approval.
DAILY GIST recalls that the commission has developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 in partnership with the Joint Task Force (JTF), in order to support equitable, open, and advantageous alternative lending alternatives for Nigerians.
The unsettling operations of loan apps in the nation, particularly, the illicit ones, due to claims of unfair practices and rights abuses, among other things, also made registration necessary.
Some of the loan apps charge interest rates that violate the ethics of how lending is done and are involved in naming and shaming which is a violation of people’s privacy with respect to how these lenders recover loans, among other violations.
Meanwhile, the number of loan apps under the watchlist increased from 55 in September to 84 as of October.
Some of the apps include 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, and Cashmama App. Others Are; Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, and Getloan.
Aside from those on watchlist, FCCPC said, it has, in partnership with Google, delisted a total of 45 loan apps from the Google Play Store. The delisted apps are those found to be operating illegally in the country.
The list of approved loan apps is a sequel to the registration exercise started by the FCCPC last year.
According to the Commission, it came up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
The registration was also necessitated by the disturbing activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.
Some of the loan apps charge interest rates that violate the ethics of how lending is done and are involved in naming and shaming which is a violation of people’s privacy with respect to how these lenders recover loans, among other violations.
