List Of Online Loan Apps Banned In Nigeria

We strongly advise everyone Nigerian to avoid doing any kind of business or borrowing money via any credit app which is listed on the above list. They are not legal and are frauds, the loans apps are fraudulent and are allegedly involved in a continuous violations of privacy rights for customers.

list of loan apps banned in nigeria — List Of Online Loan Apps Banned In Nigeria

The Mr. Dave Fadiya, a security consultant has this to say: “Sokoloan is the parent company behind GoCash and they won’t give a any second chances. They’re the worst loan company I’ve ever heard of. The main reason is that they threaten their staff to dismiss them when they do not pay their wages, as per is the case with one of their staff members knows, who’s a close close friend to him. The Chinese don’t take any notice of this.” The truth is widely assumed to be the case that Sokoloan is the lending app and its parent business is the proprietor of GoCash as well as GoCash. Both are among theList Of Online Loan Apps Banned In Nigeria

Another customer spoke to us about this app that is threatening to make loans app: “I borrowed N8000 from GoCash to repay N12,100 within 7 days. I’ve paid back N7000 and N5,100 for the account balance. I’ve received a series of warnings and shaming messages.

“As as part of our operation JRETF along alongside members of the Nigeria Police Force and bailiff of the Federal High Court searched locations of the money lenders. They collected valuable evidence, and, in certain circumstances, prohibited or limited the continuation of operations.

“In along with the physical operations mentioned above in addition to the physical operation, the Commission issued and executed Orders on various financial institutions that were able to freeze or suspend operations on certain accounts, which certain money lenders utilized to conduct the implicated business or to conduct transactions under an investigation.

“Further further, the Commission also served vastly-ranging orders against Google LLC (Play Store) as well as Apple Inc. (App Store) to force the cancellation of some applications where evidence suggests inappropriate behavior or the use of the application that violates consumer rights.

“The Order of the Commission also prohibits acceptance and the presentation of any new applications for similar reasons without approval or regulatory review.•