The Federal Competition and Consumer Protection Commission has said it will delist any loan application harassing customers and ask Google to permanently delete such apps from its app store.
This was in response to the continued harassment and defamation being meted on Nigerians by these digital lenders. It was also the newest measure implemented by the Federal Government to protect Nigerians from the activities of these digital lenders.
Earlier in the year, the FCCPC mandated loan apps to register with it. So far, 180 apps had got full or conditional approval from the commission to operate in the country. Google also recently announced that loan apps would not be allowed on its app store without regulatory approval.
In April, Google announced that loan apps on Play Store would lose their ability to access users’ contacts or photos from May 31, 2023.
Despite this, loan apps had continued to harass customers.
The Chief Executive Officer of the FCCPC, Babatunde Irukera, said the commission was ready to permanently shut down the activities of these apps.
TheHILL quoted The Punch, “We have read the stories. But we have to investigate to make sure that the evidence truly exists.
“The consequence of this, they know it, is that if any of these defamatory messages or harassments goes out again, they will be delisted, and we will ask Google to take them down permanently. But we can’t take that kind of step without knowing for sure because what we’ve found is that the loan apps that are still doing those things are not on Google.”
He explained that many apps harassing customers had names like registered ones. He noted, “Most of the complaints we’ve received about these things show that the companies are not on our list/ Google. They are the ones who are using WhatsApp, APK, and other softer, below-the-radar channels to engage consumers.”
Irukera advised consumers to only take loans from approved loan apps since they were easier to find and sanction.
Meanwhile, TheHILL presents a list (subject to review) of fake loan applications in Nigeria. They are:
KashKash
GoCash
Cash Mall
CashLion
FastMoney
LendCash
BorrowNow
LCredit
NairaPlus
9ja Cash
Cash Wallet
GGMoney
9Credit
Sokoloan
Palmcash
Ease Cash
ForNaira
GotCashger
NCash
GotoCash
How to Detect Fake Loan Apps in Nigeria.
The interest rate for an average commercial bank loan in Nigeria is 24 percent per annum. However, fake loan apps’ interest rates are between 75 percent and 400 percent. The following are a few red flags you should watch out for to identify a fake loan app.
Small loan amount
Crazily High-interest rate
Fake office address
The loan company is unregistered
Short loan Repayment time
The loan company pressures you to act immediately
Fake or insecure Lender’s website
Card verification fee
Kindly let us hear about your experience with any of these apps in the comment section.
