The Federal Competition and Consumer Protection Commission (FCCPC) has released a fresh list of 154 companies it has given full approval to operate loan apps in the country.
While the earlier published list of approved companies was unpublished by the Commission for what it called ‘clean-up’, the new list just released is more detailed as it added the apps operated by each company under the approval list.
The release of apps associated with the companies will allow customers to identify the companies behind the app they are using and also curtail cases of app duplicity by the companies.
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 recognized by the FCCPC to 194.
The full list of the 154 companies fully approved and the 40 with conditional approval be accessed here.
Apps under watchlist
Meanwhile, the Commission said it has also placed 20 loan apps suspected of engaging in unethical practices under its watchlist. These apps include those it recently requested Google to remove from the Play Store.
According to the FCCPC, the loan apps that have been placed under the watchlist include Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme.
Others are Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa.
Unapproved apps on Play Store
The Chief Executive Officer of the FCCPC, Mr. Babatunde Irukera recently disclosed that many unapproved loan apps are still available on the Google Play Store, despite an agreement with Google that they should be removed.
Irukera said the Commission would continue to engage with Google to clarify how and why apps that have not received relevant regulatory approvals 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,” he said.
Irukera added that 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.
According to him, failure to comply with the Guidelines is a violation of law and renders any such operation illegal.
Eaglecash
, easykash,
creditwise,
easycash,
superloan,
tigercash,
Apexleasing
Ultranaira
Hela cash
Etc
They are frustrating my friends and colleagues after they do payment especially eagle cash and suoerloan cursing with death.
Please arrest them and goggles should remove them permanently
Good day.
I would like the likes of BGLoad, Speedloan, Cashpaddie and 9jacash be ban and deleted from Google. Those once are dubious and always send deformary messages to customers contacts.
This is so so wrong
Thanks.
They should be banned from Nigeria like in India
This loan app have sent many people to grave,by calling, insulting and threatened your BVN to share it and also posting obituary picture of people owning them that they are death when they know that those people are alive,it’s a thing of concern,they will impose high amount on small loan of 15k telling you to pay 25k in 7 days,this is a criminal way of obtaining money by Force pretence
Good afternoon,
Why is FCCPC ignoring the unethical activities of PALMCREDIT?
This loan app is as unruly as they come. They issue out threats of blackmail as early as just 1hr overdue.
Exactly
They should do well to also influence the deadly interest rate on the loans offered by these online sharks.
Our leaders are daft and clueless, why are we so unlucky in Nigeria. So they are telling us that banks are there to hold our money and for loans we must run to these little apps. Then let’s shutdown out banks, and make the little apps the new bank.
9credit and 9jacash cost three elite colleges their job credit to their character slander. These fellas hold sensitive positions in my place of function and were let loose as a result of the blackmail against their character as sent to their contact by these loan sharks. The funny thing is that one of them was owing just 5k which was one hour due🙇and alawee was delayed, reason he was yet to close out.
Why 😭 all these apps are taking undue advantage of poor Nigerians
The likes of Cashpaddie should also be deleted
Pls cashbus, moneytree, SomeMoney, Cashmama,NGKLOAN,Moneytree,Cashtree,EasyCash,Long cash, Mocredit,Nairakash are Apk Apps they defame their customers almost everyday. Especially yeah9ja, they upload their customers picture on social media customize picture saying wanted criminal. So pls kind remove them permanently
Dey play
How do you know so much loan appspretty sure you don’t pay back which is why you’re complaining
No mind am. Na thief
Go and arrest Lcredit, they are defaming people’s character by calling their contact and saying rubbish about them.
Very correct 💯%, they even impersonate using EFCC name on their customize message as a threat to people. Too embarrassing
Why is no one talking about VSNaira, now pearlcash. Also plenty cash.
These apps are terrible
But, granting approval to operate loan apps is beyond the powers of the FCCPC.
Meanwhile, our favourite security agency that likes to dabble into other people’s affairs is sitting idle somewhere. Methinks they should dabble into this one too
Lifepurse once posted my picture to my contacts because I’ve not paid by 11am on my due date. It should be deleted
The likes of xcash, xcross loan, newcredit, plenty cash, truenaira, nnmoney, naira9ja, speed loan, easemonie and hela cash are extremely terrible apps. They extort and threaten their customers to blacklist their BVN. I suggest they should be deleted and sanctioned
Wecredit are worst they should be deleted too
How Newedge is able to get recognition beats imagination. I guess the company is owned by top officials of FCCPC
I agree this is their typical behaviour.and I agree with your assession of fairmoney carbon, quickcheck.
They keep changing names and operating same business ethics of deformations ..even when they apologise for their agent conduct they switch to another agent then do same…unfairness to clients this platform should be forbidding in nigeria because they won’t change..it is always tempting when situations is to terrible it prompt taking the risk of applying but if this is totally stop no matter what properly registered ..it will create another other alternative of seeking for financial help as of good old days this loan app all designed to exploit citizen that are desperately needng financial …DONT APPROVE THEM ANY MORE. YOU CANT STOP THEIR SYSTEMS
I will like to report some loan apps, cash bus, deloan, fast cash, snappy credit, some money who go about defrauding people, threatening and defaming them. They need to be on the check list. Others are included just to mention a few
Speedloan, secucredit, 9jaloan, easycash, instahela, and other ones i can’t remember now, they are criminals, dubious and ill-mannered set of agents and management……they need to be banned and their staff arrested. One of them threatened me with my children pictures by saying i used to borrow money from them, imagine!
That’s very well approach… they’ll should be banned.
Okash, Fairmoney, Renmoney
Okash has agents that lie to you about the loan amounts they can give just to collect small commission. They’ve refused to delete my account, continuously telling me that my information is safe with them…like I care.
Fairmoney spams you with calls for no damn reason. Imagine getting called 10 times in a morning and you don’t owe. I’ve blocked many of their numbers but they always have more.
Renmoney just wastes your time and won’t give.
Even as FCCPC would appear to be doing a good job in calling these loan companies to order I would expect FCCPC to display here the list of loan company apps they deem fit and have approved to continue in their business relationship with Nigerians.
What I see here is a list of those indicted and those under watch. Nigerians need those to keep doing business with.
And by the way, Palmcredit, Renmoney, Easy Money, Creditville,Touchstone & Fairmoney need to be queried on their treatment to customers. Their method is most crude. Even Agbero is kindergarten compared to them .
One way to scrap these “useless and scammer” apps in the name of Dmls is avoiding them; I don’t pity those in their net, as they helped you at a point and gave their conditions, so why partake or collect a loan when you clearly can’t pay back? I blame them for giving monies to people anyhow, won’t you evaluate the client before you give out cash? Please be careful & avoid loans entirely, it’s a curse!!
Even those idiot calling their self, palmcredit,fairmoney,swiftcash ,are hire killers,they even provoke people and give them Blood pressure, please banned them finally.
Flypay is the worst of all there interest rate is crazy. The staff are so useless to the extent that they always insult when they call
It’s not just closing all app,you still need to advice customer to pay there loan..most of them complaining are the ones taking loan and don’t want to pay..You can’t eat a companies money or sweat and go free in life .
Its not true. Someone took a loan of 31k, paid it back immediately. And after one week, the loan app deducted 11k from the person’s account making it 42k right. Then after another week the same loan app joycash to be precise is calling the person back threatening the person for a 14k repayment. That 11+14 =25k repayment on a 31k loan to was paid back same day? That’s more that 50% interest rate. Now I ask you. Will you pay? I thought loan are acrude on daily basis.
LIFEPURSE IS ANOTHER TERRIBLE APP! JUST CHECKING ON THEIR OFFER THEN LEAVING THE APP WITHOUT ACCEPTING THE LOAN, THEN YOU’RE CREDITED, THEN RETURNING THE EXACT AMOUNT IMMEDIATELY BUT THEY KEPT RANTING ASKING FOR INTEREST ON THE MONEY I NEVER ASKED FOR. LIFEPURSE SHOULD BE BANNED TOO
Ultra loan, eagle cash, Hela cash, easykash are all owned by the same mother company. They will put out your name, picture, BVN and allege you of being a criminal. They are unethical.
Why is FCCPC not talking about PALMCREDIT cos the way they call and threaten to do a lot to BVN and sometimes insult someone is so unruly and at the end they threaten to call contacts and place of work… FCCPC should do something
Some money, money tree are APK app, they threaten, curse and post defaming messages of their customers! Kindly look into it.
Ajeloan
BGloan
CashCredit
CashExpress
CasHall
CashMe
CashPaddie
Camelloan
Eagle Cash
EaseLoan
Easykash
Easycash
Ease Cash
Future Cash
Get Loan
GGMoney
Hcwallet
Helacash
iMoneyPlus
JoyCash
Kash Loan
Liberty Loan
LifeLine
LoanNaira
pls dis thieves’s Apps should be shut down
Mobile Loan
MOTA CASH
Naira Kash
Naira Mall
Naira9ja
Nairaloans
Nice naira
nownowMoney
OmegaLoan
QuickCheck
Sharp credit
Steady Kash
Swift naira
Tik Credit
Tloan
UCredit
UltraNaira
Vsnaira(d worst of them all)
WeCredit
9jaCash
9money
This Apps should also be delisted and dis vagabonds arrested for dey have caused more harm than good to lots and lots of people
Why are all this loan app birthing more every time, instead of resulting in a way to lift the economy in terms of using this money they want to borrow people to start business like agriculture, e-commerce, products development, technicians training etc like that. It will help Nigeria, and plunge Nigerians into unwanted debt.
Just cancel all of them they broad daylight robbers
I hope people would comply,I believe it is going to make good impact in our society
My take on these loans apps is that for those ones who only give you one week which is actually six days to pay back should all be banned..as for the ones who can give up to 3weeks to one month repayment time,they should be allowed to operate.anyone giving you loan and expect you to pay the ridiculous interest in one week is a thief and such apps should be banned.
I’M EVEN SURPRISED THE GOVERNMENT IS GIVING APPROVAL TO ALMOST 200 LOAN APPS IN NIGERIA, WHAT FOR??
THESE CRIMINAL GANGS CONTINUE TO IMPOSE HEAVY INTERESTS ON THE ALREADY IMPOVERISHED LOAN SEEKERS THEREBY MAKING THEM PERPETUAL DEBTORS.
YOU’RE OFFERED 30K, BUT AS SOON AS YOU ACCEPT THE OFFER, THEY SEND YOU 19K TO PAY BACK 37K.. THAT’S THE HEIGHT OF WICKEDNESS!!!
THEY SHOULD ALL BE BANNED WITH IMMEDIATE EFFECT.
LICENCES SHOULD BE GIVEN TO FAIRMONEY AND CARBON ONLY!!!!!
I agree this is their typical behaviour.and I agree with your assession of fairmoney carbon, quickcheck.
The government and its regulatory bodies like the Fccpc are enabling these loan apps judging by the impunities they commit , loan apps like CreditNaira, beauty naira, loannaora, mocredit, and others in their group owned by one company have defamed people and their bvn and have been reported but those in authority allow them to keep terrorizing people because of their none acting on the reported cases, these loans apps and those like them that have the penchant of defamation should be shut down and their operators arrested and booked for defamation and sentenced with the full wrath of the law urgently.
Those who go a-borrowing are likely to go a-sorrowing.
While not condoning the Gestapo tactics of some of these loan apps, way too many people are too eager to borrow money without reading the fine print or otherwise understanding the conditions of their loans and what they’re getting themselves into – not to mention those who borrow with little or NO intention of repayment.
Good morning sir, maa
My life has been ruined by this loan company , have not been myself since I took loan frm this company. Have heen paying little by little but instrest keep adding up . As early as 6am I wake up to curse and my 72 year old mom got a call from on of this people that I was dead my mom almost lost her life, this loan people took my picture and sent it out to all my contact and also added my bvn .. Pls you need to go to Cashloan , Nairaloan , Credit loan even your fccpc is been mentioned there even curse me more , please I beg you help me coz am not longer myself, am no longer free to go outside even my neighbours got the massage 😢
HI ETINOSA, THE AFTERMATH OF THINKING NOTHING CAN BE DONE TO YOU WILL BE GREATER THAN THE COSTY OF YOUR DEBT IF PAYMENT ISN’T MADE IN FEW HOURS. FAST CASH
CALAMITY IS YOURS WHEN YOU THINK, YOU CAN DUPE OR REFUSED TO PAY BACK LOAN WE GAVE TO YOU WHEN YOU NEEDED IT…. ALL YOU WILL SEE, RECEIVE AND EXPERIENCE IS MISFORTUNE CAUSE NOBODY FORCED YOU TO TAKE LOAN YOU CANT PAY BACK. IF YOU LIKE OR LOVE YOUR FAMILY NAME PAY BACK NOW…OR YOUR A-Z CONTACTS, PASTORS, IMAM, COLLEAGUE, BOSS, FAMILIES AND FRIENDS WILL START GETTING MESSAGES BY 12PM . WATCH AND SEE. CASHLOAN AND OTHER SUBSIDARIES APP
IS IT A MUST YOU REQUEST FUND WHEN YOU KNOW YOU LACK THE INTEGRITY AND FINANCIAL STABILITY TO PAY. it is only irresponsible and ingrate that will borrow, default and have no intention of paying back, i wont warn you any further, if you like choose to be a scape goat by not paying this fund today, i will give you from now till 1:30PM to do the needful, otherwise had i known will be your case. pay to the Moniepoint microfinance bank or sterling bank account NOW!!!!….Unless you’ll regret coming to our app…I’m giving you few minutes…frm easykash