154 Loan Apps Get FCCPC’s Approval, 20 Place Under Watchlist

The Federal Competition and Consumer Protection Commission (FCCPC) has given full approval to 154 loan apps to operate in Nigeria.

The Loan Apps are; Clan App, Nextpayday App, Aladdin Digital App, Kobogo App, Oxloan App, Paylater App, shoptopup App, Flypay App and Pennee app, among others.

Aside from the companies given full approval, the Commission said 40 other companies have been issued conditional approval. This brings the total loan app companies recognised by the FCCPC to 194.

They are Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash,

Meanwhile, the chief executive officer, FCCPC, Mr. Babatunde Irukera has disclosed that some Digital Money Lenders (DMLs) have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play Store.

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“This appears to be a device by some of these DMLs to evade or avoid regulatory compliance. Compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats, or any other means for that matter. Failure to comply with the Guidelines is a violation of law and renders any such operation illegal,” he stated.