- The Federal Competition and Consumer Protection Commission (FCCPC) has issued a list of newly approved loan apps
- The list contains names of 154 companies operating loan companies in Nigeria after deleting the initial list for a ‘clean up.’
- The Commission also gave provisional approval to about 40 loan app firms and placed 20 under a watchlist
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a new list of 154 companies granted full approval to operate loan apps in Nigeria.
Earlier, the FCCPC delisted the approved companies for ‘clean up.’ The newly released is more detailed after adding apps each firm owns under its approval list.
FCCPC places 20 loan apps under a watchlist
The list of the apps associated with the firms will let the customer identify the companies behind the app they use and also reduce incidents of app duplicity by the companies.
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The FCCPC also said other companies had been given conditional approval, bringing the total loan companies approved by FCCPC to 194.
The complete list contains names of 154 fully approved firms and 40 with conditional approval.
The Commission revealed that it had put 20 loan apps suspected of engaging in unethical practices under its watchlist.
The apps under the FCCPC watch list include:
- Joy Cash-Loan
- Moneytreefinance Made Easy
- Luckyloan, and Cashme.
- Hen Credit loan
- Nut loan,
- Cash door
- Nairaeasy gist loan
- and Creditbox-Africa.
FCCPC frowns at Google for allowing unapproved apps on Play Store
According to the Chief Executive Officer of the FCCPC, Babatunde Irukera, many unapproved loan apps are still available on Google Play Store, despite an agreement with the tech company that they should be deleted.
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He said the Commission would continue to engage with Google to explain how and the reason the apps are still on the app store.
The FCCPC boss said that compliance with the Guidelines of all DMLs, whether or not they want to be placed on Playstore, operate via APK file formats, or any other means.
He stated that failure to comply with the Guidelines violates the law and renders their operations illegal.
List of approved loan apps
- JOY CASH-LOAN UP TO 1,000,000
- MONEYTREE FINANCE MADE EASY
- LUCKYLOAN PERSONAL LOAN (NIZ SERVICES LIMITED)
- 1HEN CREDIT LOAN (ORANGE LOAN AND PURPLE CREDIT LTD)
- 1NUT LOAN
- CASH DOOR
- NAIRAEASY GIST LOAN
- SWIFTKASH APP
- EAGLECASH APP
- MONEYTREEFINANCE MADE EASY APP
- WIFTKASH APP
- 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
- XGO FINANCE LIMITED
- NAIRA NAIJA
- NAIJA CASH
Loan apps licenced by CBN
- GREENBOND FINANCE COMPANY LIMITED
- BAINES MICROFINANCE BANK LIMITED
- KONDO MICROFINANCE BANK LIMITED
Full List: FG releases names of illegal loan apps, asks Google to delete them
Earlier, Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has given 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.