Nigerian Government Lists 103 Loan Apps on Watch List, Delists 45 to Regulate Online Lending Market

The Federal Government of Nigeria has identified 103 loan apps under heightened regulatory scrutiny by the Federal Competition and Consumer Protection Commission (FCCPC) to address issues within stipulated timeframes. The government has also delisted 45 loan apps in efforts to sanitize Nigeria's fast-growing online lending market.

The FCCPC disclosed the updated list on its website as part of ongoing consumer protection measures against abusive lending practices and unlicensed operations. The presence of a loan app on the watch list does not automatically imply wrongdoing but signals unresolved regulatory concerns.

The Nigerian Consumer Credit Corporation (Credicorp) has launched the YouthCR loan scheme to provide young individuals access to loans up to N5 million, aiming to support their entrepreneurial dreams. The scheme is open to all youths, regardless of their status, to foster innovation and entrepreneurship in the country.