Telecoms & IT

FCCPC Delists 47 Loan Apps to Tackle Fraud

The Federal Competition and Consumer Protection Commission (FCCPC), has intensified its crackdown on unregistered loan apps, delisting 47 such platforms from Google playstore as of May 2024.

This is coming after it was discovered that despite the efforts of the agency, the proliferation of unregistered loan apps continues, with many operating through Android Package Kit (APK) files, circumventing official app store regulations.

According to a statement from the FCCPC, as of May 2024, the number of registered loan apps in Nigeria has risen to 284, comprising 232 companies with full approval and 11 others licensed by the Central Bank of Nigeria (CBN).

It also noted that it has placed 88 others on a watchlist amid a surge in the number of unregistered and potentially predatory loan apps, which have been causing considerable distress among Nigerians.

Despite these advancements, the ongoing challenges posed by unregistered apps continue to impact Nigerian borrowers adversely. The Chief Executive Officer, FCCPC, Adams Abdullahi, said infractions have been on the rise as more Nigerians are now taking loans from the various loan apps.

Abdullahi said the commission would now involve law enforcement agents in tackling the menace in addition to regulatory prohibition and consequences.

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