Nigeria is taking action to clean up the digital money-lending sector as it delists 28 illegal apps offering such services.
The Federal Competition and Consumer Protection Commission (FCCPC), the agency responsible for regulating competition and protecting consumers in Nigeria, has delisted 28 illegal digital money-lending apps in a bid to sanitise the sector.
The FCCPC disclosed this in its latest report on approved digital money lender apps. The report shows that the number of delisted apps has increased from 9 to 37, while the number of approved apps has increased from 154 to 164. The Commission has also identified 54 apps that are currently on their watchlist.
Some of the apps delisted include; Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App. The full list of delisted apps can be found on the FCCPC website.
The FCCPC has been keeping a close eye on digital money lending in Nigeria. In August, the FCCPC ordered Google to delist 18 more loan apps/digital lending companies from its PlayStore and platforms immediately for invading customers’ privacy in the course of loan recovery.