FCCPC Delists 37 Illegal Loan Operators

The Federal Competition and Consumer Protection Commission (FCCPC) has made good its threat to sanction illegal loan operators as it has delisted 37 of them from Google Play Store.

The commission had earlier warned such illegal loan operators to stop harassing lenders as well as cease from operating such loan apps.

According to the commission, the delisted loan apps are permanently removed from Google Play Store. FCCPC’s delisted DML apps grew from nine to 37.

The commission added that the approved digital money lenders increased from 154 to 164,disclosing however, that 54 DML apps are under its watchlist.

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It further stated that the delisted loan apps engaged in illegal activities ,such as charging exorbitant interest rates, collecting late payment fees, and using abusive language on borrowers.

The delisted loan 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.

Others are 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.
Also delisted are: 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.

Meanwhile, the commission has set up a task force to investigate other illegal lending apps. The task force will comprise representatives from the Central Bank of Nigeria,(CBN) ,the Securities and Exchange Commission,(SEC) and the National Information Technology Development Agency(NITDA).

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