Nigeria's Central Bank Bans 55 Loan Applications

THE Central Bank of Nigeria, under the direction of Governor Olayemi Cardoso, acted decisively, blocking fifty-five loan applications that were available in the nation.

This action demonstrates a determined attempt to control the online lending market and shield customers from potentially dangerous activities.

The number of fully authorized loan applications has increased significantly since the last update in October 2023, which is in line with this progress.

Remember that the Commission on Fair Trade and Consumer Protection

(FCCPC) registered and accepted 211 loan applications at the beginning, and was actively involved in monitoring and approving loan apps.

Of these, 39 apps were given provisional permission and 172 apps were given full approval.

The FCCPC, on behalf of the Federal Government, delisted 37 more unapproved lending applications in September as part of a proactive effort to combat illicit activities.

This resulted in a decrease of 40 to 38 applications with conditional permission and an increase of 154 to 164 applications with full approval.

Prior to this, on August 20, sources stated that because of alleged harassment of Nigerian customers, the FCCPC had delisted and started to remove at least two lending apps from the Google Play Store permanently.

Below is a list of the 55 loan apps that have been banned:

EasyCredit

Easi Moni

KashKash

Speedy Choice

GoCash

Soko Loan App

Fast Money

GetCash

Icoin Loan

Naira Plus

9jaCash

LionCash

GMoney

Fast Money

9credit

Swiftkash App

Hen Credit Loan App

Cash Door App

Joy Cash-Loan App

Eaglecash App

Luckyloan Personal Loan App

Getloan App

Easeloan Apps

Naira Naija

Cashlawn App

Easynaira App

Crediting App

Yoyi App

Nut Loan App

Cashpal App

Nairaeasy Gist Loan App

Camelloan App

Nairaloan App

Moneytreefinance Made Easy App

Cashme App

Secucash App

Creditbox App

Cashmama App

Crimson Credit App

Galaxy Credit App

Ease Cash App

Xcredit

Imoney

Naira Naija

Imoneyplus-Instant

Nairanaija-Instant

Nownowmoney

Naija Cash

Eagle Cash

Firstnell App

Flypay

Spark Credit

Luckyloan Personal Loan App