Full List of FCCPC, CBN-Approved Loan App Companies and Their Apps

Publish date: 2024-04-26

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a new list of 154 companies granted full approval to operate loan apps in Nigeria.

Earlier, the FCCPC delisted the approved companies for ‘clean up.’ After adding apps each firm owns under its approval list, the newly released list is more detailed.

FCCPC places 20 loan apps under a watchlist

The list of the apps associated with the firms will let the customer identify the companies behind the app they use and also reduce incidents of app duplicity by the companies.

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The FCCPC also said other companies were given conditional approval, bringing the total loan companies approved by FCCPC to 194.

The complete list contains names of 154 fully approved firms and 40 with conditional approval.

The commission revealed that it had put 20 loan apps suspected of engaging in unethical practices under its watchlist.

Apps on FCCPC watchlist

FCCPC frowns at Google for allowing unapproved apps on Play Store

According to the director general of the FCCPC, Babatunde Irukera, many unapproved loan apps are still available on Google Play Store, despite an agreement with the tech company that they should be deleted.

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He said the Commission would continue to engage with Google to explain how and the reason the apps are still on the app store.

The FCCPC boss said that compliance with the Guidelines of all DMLs, whether or not they want to be placed on Playstore, operate via APK file formats, or any other means.

He stated that failure to comply with the Guidelines violates the law and renders their operations illegal.

List of approved loan apps

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Loan apps licenced by CBN

Full List: FG releases names of illegal loan apps, asks Google to delete them

Earlier, Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) gave loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned.

FCCPC also asked Google to remove the 18 loan apps from Playstore for violation of its guidelines.

Source: Legit.ng

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