This is the full list of loan apps banned in Nigeria by the Federal government and can not be found on Google Play store or App Store.
Top loan apps Banned in Nigeria the majority of them are run in the Google Play Store or on Apple Store over serial violation of the privacy rights of customers as well as constant defamation and shaming of their customers.
The operation was conducted by the Federal Competition Consumer Protection Commission together with Independent Corrupt Practices and other related offenses Commission and which is the National Information Technology Development Agency and the Nigeria Police Force.
Federal Competition and Consumer Protection Commission (FCCPC), National Information and Technology Development Agency (NITDA) as well as NITDA, and the Independent Corrupt Practices and Related Offences Commission (ICPC)–collaborated with the Nigerian police force to swoop down several illegal financial institutions operating in the Opebi Road offices in Ikeja, Lagos, Nigeria.
In the report by Punch, lending platforms that offer digital credit such as
GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, and Sokoloan along with Speedy Choice were among the failed companies.
Nigerian authorities have finally stepped up to the dangers and challenges that are posed by fraudulent loan applications as well as loan sharks that operate within Nigeria, by banning the operations of several of them. They include those who have turned themselves into a threat by breaching the privacy of their customers as well as regularly sending defamatory and humiliating messages to borrowers, their relatives, and phone numbers.
The Sokoloan located on two floors at 21 Opebi Road and was alleged to be owned by Chinese businessmen, the employees were unable to let in their guests and resisted the FCCPC agents to open the locks.
Chief Executive Officer of FCCPC, Babatunde Irukera said “This information was first reported sometime a long time ago. In the past, while the nation was in lockdown in 2020 due to an epidemic, I began experiencing an increase in the number of loans to finance.
“Because there was a lockdown in response to the pandemic outbreak, many required an easy, small loan that is acceptable. However, over time, people began complaining about the misdeeds of lenders, and we began investigating the situation.
“Towards the close of the year, we collected plenty of information. We began to work with other agencies, and the FCCPC was the one to lead the meeting at which we agreed that there would be a collaborative effort to study these businesses.”
The lawyer added that “The most important two aspects that caused concern was what appears to be a public naming and shame of privacy rights for individuals about how lenders recover their loans. “Secondly the interest rate appears to be in breach of the ethical standards on the way that lending is conducted. These were the two issues we set out to search for.
“So we initiated an investigation to discover the exact location of these companies. This has been a complicated task. It took us several months, and some were moved from one area to another and we’ve been to these areas for several months.”
Irukare said the agency had written to the global app firms to ask them to cease the operation of their online banks. He explained, “Essentially, what they are is an app which is why we began gathering more details about the app. We contacted the general public as well as those who were their victims. They offered us additional information.
“As we gathered more information, we were able that the court could issue a warrant to begin an investigation into the possibility of a search and seizure. Then, in October, the justice of the peace issued a warrant, and between that time and today, we prepared an operation to sting, which is what you will see today. The reason behind this is that we want to ensure that we were in the right place where we might get lots of them.
“In addition to the information you see here today, The FCCPC has also released several orders on the same day. Two of them go to sellers: Apple and Google stores where certain apps are accessible. We’ve asked them to stop these apps so that users won’t be harmed again.
“Secondly Some of the orders (the requests) were sent to the bank soliciting them to block accounts that are used by these individuals. However, I would like to add that there are many moneylenders operating illegally, which is the reason why it’s taking time to trace the people involved.
“It does not mean that the individuals whom we are pursuing currently do not exist to be targeted, not at all. We’re going to start with them. We also know that there comprise between five and seven businesses operating in the same place.”
Table of Contents
List Of Loan Apps Banned In Nigeria
- GoCash Loan App Banned
- OKash Loan App Banned
- EasyCredit Loan App Banned
- Kashkash Loan App Banned
- Speedy Choice Loan App Banned
- EasyMoni Loan App Banned
- Sokoloan Loan App Banned
- LCredit Loan App Banned
- 9ja Cash Loan App Banned
- Gotocash Loan App Banned
- ForNaira Loan App Banned
- Ease Cash Loan App Banned
- Cash Wallet Loan App Banned
- BorrowNow Loan App Banned
- Imoney Loan App Banned
The majority of these Loan Apps Banned In Nigeria are still doing business with mostly their old customers and still doing what the federal government of Nigeria is against, they are still breaching customers’ rights.
These Loan Apps Banned In Nigeria can not be downloaded on Google Playstore or App Store but their download links are online and they still run advertisements on Google.