Discover how many loan apps have been banned in Nigeria and stay updated on the regulatory changes in the industry.
The Federal Government of Nigeria took a firm stance against digital money lenders operating in the country without regulatory approval or in violation of set guidelines.
In a recent move, the Federal Competition and Consumer Protection Commission (FCCPC) has given these lenders five days to prove their compliance with the guidelines.
The FCCPC has also requested Google to remove 18 digital lenders from the Playstore for their violations. These lenders were either operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
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The FCCPC has made it clear that compliance with their guidelines is mandatory for all digital money lenders. Only lenders with regulatory scrutiny and written approval from the commission are allowed on the Playstore.
In their efforts to crack down on illegal digital money lenders, the FCCPC has already delisted two loan apps, Getloan and Camelloan, from the Playstore for their harassment of Nigerians.
This was followed by the delisting of 16 more loan firms, with the FCCPC ordering Google to delete them as well.
The Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, emphasized that all digital money lenders operating on the Playstore or through any other format must comply with their guidelines.
Failure to do so is a violation of the law and may lead to permanent delisting, prohibition, and even law enforcement action.
Digital money lenders relying on Android Package Kits file formats to reach consumers outside of the Playstore in an attempt to evade regulatory compliance will also face consequences.
The FCCPC has affirmed that compliance with their guidelines is mandatory, regardless of the platform or means of operation.
How Many Loan Apps Banned In Nigeria?
Loan Apps Banned in Nigeria: A Closer Look at the 18 Delisted Lenders:
- Joy Cash-Loan Up to 1,000,000
- Moneytreefinance Made Easy
- Luckyloan Personal Loan
- Hen Credit loan
- Nut loan
- Cash door
- Nairaeasy gist loan
The ban on these 18 loan apps in Nigeria serves as a reminder of the importance of regulatory compliance and responsible lending practices. It highlights the CBN’s commitment to protecting consumers and fostering a secure financial environment. Moving forward, it is crucial for borrowers to exercise caution and ensure that they engage with licensed and regulated lenders to avoid potential risks.
This article was updated 1 month ago