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The Federal Competition and Consumer Protection Commission (FCCPC) has released a fresh list of 154 companies it has given full approval to operate loan apps in the country.
While the earlier published list of approved companies was unpublished by the Commission for what it called ‘clean-up’, the new list just released is more detailed as it added the apps operated by each company under the approval list.
The release of apps associated with the companies will allow customers to identify the companies behind the app they are using and also curtail cases of app duplicity by the companies.
Aside from the companies given full approval, the Commission said 40 other companies have been issued conditional approval. This brings the total loan app companies recognized by the FCCPC to 194.
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The full list of the 154 companies fully approved and the 40 with conditional approval be accessed here.
Apps under watchlist
Meanwhile, the Commission said it has also placed 20 loan apps suspected of engaging in unethical practices under its watchlist. These apps include those it recently requested Google to remove from the Play Store.
According to the FCCPC, the loan apps that have been placed under the watchlist include Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme.
Others are Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa.
Unapproved apps on Play Store
The Chief Executive Officer of the FCCPC, Mr. Babatunde Irukera recently disclosed that many unapproved loan apps are still available on the Google Play Store, despite an agreement with Google that they should be removed.
Irukera said the Commission would continue to engage with Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform.
- “Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore.
- The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play Store.
- This appears to be a device by some of these DMLs to evade or avoid regulatory compliance,” he said.
Irukera added that compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats, or any other means for that matter.
According to him, failure to comply with the Guidelines is a violation of law and renders any such operation illegal.
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Eaglecash
, easykash,
creditwise,
easycash,
superloan,
tigercash,
Apexleasing
Ultranaira
Hela cash
Etc
They are frustrating my friends and colleagues after they do payment especially eagle cash and suoerloan cursing with death.
Please arrest them and goggles should remove them permanently
Good day.
I would like the likes of BGLoad, Speedloan, Cashpaddie and 9jacash be ban and deleted from Google. Those once are dubious and always send deformary messages to customers contacts.
This is so so wrong
Thanks.
They should be banned from Nigeria like in India
This loan app have sent many people to grave,by calling, insulting and threatened your BVN to share it and also posting obituary picture of people owning them that they are death when they know that those people are alive,it’s a thing of concern,they will impose high amount on small loan of 15k telling you to pay 25k in 7 days,this is a criminal way of obtaining money by Force pretence
Good afternoon,
Why is FCCPC ignoring the unethical activities of PALMCREDIT?
This loan app is as unruly as they come. They issue out threats of blackmail as early as just 1hr overdue.
Exactly
They should do well to also influence the deadly interest rate on the loans offered by these online sharks.
Our leaders are daft and clueless, why are we so unlucky in Nigeria. So they are telling us that banks are there to hold our money and for loans we must run to these little apps. Then let’s shutdown out banks, and make the little apps the new bank.
9credit and 9jacash cost three elite colleges their job credit to their character slander. These fellas hold sensitive positions in my place of function and were let loose as a result of the blackmail against their character as sent to their contact by these loan sharks. The funny thing is that one of them was owing just 5k which was one hour due🙇and alawee was delayed, reason he was yet to close out.
Why 😭 all these apps are taking undue advantage of poor Nigerians
The likes of Cashpaddie should also be deleted
Pls cashbus, moneytree, SomeMoney, Cashmama,NGKLOAN,Moneytree,Cashtree,EasyCash,Long cash, Mocredit,Nairakash are Apk Apps they defame their customers almost everyday. Especially yeah9ja, they upload their customers picture on social media customize picture saying wanted criminal. So pls kind remove them permanently
Dey play
How do you know so much loan appspretty sure you don’t pay back which is why you’re complaining
No mind am. Na thief
Go and arrest Lcredit, they are defaming people’s character by calling their contact and saying rubbish about them.
Very correct 💯%, they even impersonate using EFCC name on their customize message as a threat to people. Too embarrassing
Why is no one talking about VSNaira, now pearlcash. Also plenty cash.
These apps are terrible
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