The Federal Competition and Consumer Protection Commission (FCCPC) has unveiled an updated and detailed list featuring 154 companies granted full approval to operate loan apps within the country. This move comes after the initial list underwent a “clean-up” by the Commission, resulting in a more comprehensive and informative roster.
Unlike its predecessor, the new list provides explicit information regarding the loan apps each company operates. This strategic disclosure aims to boost transparency among users while also preventing instances of companies releasing multiple duplicate apps.
Moreover, aside from the 154 fully approved entities, the FCCPC has extended conditional approval to an additional 40 companies in this sector. This brings the total count of recognised loan app companies under FCCPC’s regulatory umbrella to a substantial 194.
However, the Commission’s efforts do not stop at approval and conditional approval alone. In a decisive move, the FCCPC has identified and placed 20 loan apps under its watchlist due to suspicions of unethical practices. Among these apps are prominent names such as Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme. Additionally, other applications like Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa have also attracted the Commission’s scrutiny.
Of note, the FCCPC has already engaged Google in its efforts to maintain ethical standards. Several apps from the watchlist were formally requested to be removed from the Google Play Store. This proactive approach is aimed at safeguarding consumers from potentially harmful or exploitative loan app practices.
As the FCCPC continues to tighten its grip on the loan app landscape, these latest developments underscore the Commission’s commitment to ensuring fair practices and transparency within the industry. Users and stakeholders alike can expect heightened vigilance and enhanced protection in the realm of loan apps moving forward.
