This is as increase over the 55 recorded in the month of September 2023.
According to the Commission apps under watchlist are those suspected to be engaging in unethical
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.
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.
