In a recent report by the Federal Competition and Consumer Protection Commission (FCCPC), the number of delisted loan apps has surged from nine to 37, indicating a significant shakeup in the digital money lending space. The FCCPC has been actively implementing regulatory measures to address harassment issues faced by Nigerian borrowers from these loan apps.
The report also highlights other changes in the loan app landscape:
1. Fully Approved Loan Apps Increase:
The number of fully approved loan apps has risen to 164 from 154, indicating a growing presence of legitimate and compliant digital lenders in the market.
2. Conditional Approval Declines:
The number of loan apps with conditional approval has decreased to 38 from 40, suggesting a more stringent approval process.
3. Watchlist Expands:
The FCCPC’s watchlist of loan apps has grown from 20 to 56, indicating increased scrutiny and monitoring of apps to ensure consumer protection.
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The delisted loan apps mentioned in the report were permanently removed by Google from the Play Store. These apps included a variety of names such as Swiftkash, Hen Credit Loan, Cash Door, and many others.
This regulatory action by the FCCPC reflects the authorities’ commitment to safeguarding the interests of Nigerian consumers and maintaining transparency and fairness in the digital lending industry. As the landscape continues to evolve, borrowers can expect a more secure and regulated environment when seeking financial assistance through loan apps.
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