20 Loan Apps Miss Out as FCCPC Gives 153 Firms Full Permission

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a new list of 154 firms to whom it has granted full permission to run lending applications in Nigeria.  

The Commission removed the previously revealed list of approved firms for "clean-up," the new list just issued is more detailed since it includes the applications owned by each company under the permission list.

The release of a list of applications linked with the companies will help customers recognize the companies behind the apps they use, as well as reduce cases of app duplication by the corporations.  

Aside from the enterprises that received full permission, the Commission stated that 40 additional companies got provisional approval. The total number of loan app firms approved by the FCCPC now stands at 194.

The entire list of the 154 fully approved firms, as well as the 40 with conditional permission, may be seen here.  

List of Loan Apps That Are Under the Watch of the FCCPC

Meanwhile, the Commission announced that it has added 20 loan applications to its watch because they are suspected of participating in unethical practices. These applications include ones that Google was recently asked to delete from the Play Store.  

Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme are among the loan applications on the FCCPC's radar.

Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa are some of the others. 

What Is the CEO of FCCPC Saying? 

Mr. Babatunde Irukera, the FCCPC's Chief Executive Officer, has revealed that numerous unauthorized lending applications are still on the Google Play Store, despite an agreement with Google that they should be withdrawn.

Irukera stated that the Commission will continue to work with Google to understand how and why apps without required regulatory permits 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.

Irukera further stated that compliance with the Guidelines is required for all DMLs, regardless of whether they aim to be posted on Playstore, use APK file formats, or any other ways.

Failure to comply with the Guidelines, he claims, is a breach of the law and renders any such business unlawful.