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The Federal Competition and Consumer Protection Commission (FCCPC) has just released a comprehensive report shedding light on the recent developments in the digital money lending landscape in Nigeria. The report reveals a significant increase in the number of delisted loan apps, a decline in apps with conditional approval, and a substantial expansion of the commission’s watchlist.
According to the FCCPC’s findings, the number of delisted loan apps has surged from a mere nine to a striking 37, signaling a notable crackdown on questionable lending practices. This crackdown comes in response to mounting concerns regarding the harassment of Nigerian borrowers by these digital lenders.
Additionally, the report highlights that the number of loan apps with conditional approval has dipped from 40 to 38, indicating a more discerning approach to approving digital loans. Simultaneously, the commission’s watchlist has grown substantially, now encompassing a total of 56 apps, up from the previous 20. This expanded watchlist underscores the FCCPC’s commitment to vigilantly monitor the digital lending space.
Of particular significance is the fate of the delisted loan apps. According to the FCCPC, these apps have been permanently removed from the Google Play Store. This action represents a significant step toward protecting Nigerian consumers from unscrupulous lending practices.
For those curious about the specific apps that have been delisted, the FCCPC has provided a comprehensive list. Notable names among the delisted apps include “Swiftkash App,” “Hen Credit Loan App,” “Cash Door App,” “Joy Cash-Loan Up To 1,000,000 App,” “Eaglecash App,” “Luckyloan Personal Loan App,” “Getloan App,” “Easeloan Apps,” “Naira Naija,” “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,” “Cashmama App,” “Crimson Credit App,” “Galaxy Credit App,” “Ease Cash App,” “Xcredit,” “Imoney,” “Naira Naija,” “Imoneyplus-Instant,” “Nairanaija-Instant,” “Nownowmoney,” “Naija Cash,” “Eagle Cash,” “Firstnell App,” “Flypay,” and “Spark Credit.”
The FCCPC’s actions underscore its dedication to safeguarding Nigerian consumers from predatory lending practices and ensuring a more transparent and fair digital lending environment.
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