The digital money lending landscape in Nigeria has witnessed significant changes, as reported by the Federal Competition and Consumer Protection Commission (FCCPC). According to their latest report, the number of delisted loan apps has increased from nine to 37, signifying a considerable shakeup in the industry.
Simultaneously, there has been growth in the number of fully approved loan apps, rising from 154 to 164, based on the latest updates from the FCCPC’s website. The number of loan apps with conditional approval has slightly declined from 40 to 38. Additionally, the commission’s watchlist of loan apps has expanded from 20 to 56.
This transformation in the digital money lending sector follows a sustained effort by the FCCPC to address issues of harassment faced by Nigerian borrowers from these lending platforms. The commission’s actions have led to the permanent removal of several loan apps from Google’s Play Store.
The list of delisted loan apps, as provided by the FCCPC, includes:
Hen Credit Loan App
Cash Door App
Joy Cash-Loan Up To 1,000,000 App
Luckyloan Personal Loan App
Nut Loan App
Nairaeasy Gist Loan App
Moneytreefinance Made Easy App
Crimson Credit App
Galaxy Credit App
Ease Cash App
The FCCPC’s actions reflect an effort to protect the interests of Nigerian borrowers and ensure fair lending practices within the digital money lending industry. The increasing number of delisted apps demonstrates their commitment to creating a more transparent and secure lending environment for consumers.