Full List: Federal Government Approves Over 100 New Loan Apps
- In the last 12 months, the federal government, through the FCCPC, has approved over 100 loan apps for various companies
- Additionally, 42 have been granted conditional approval, while 88 companies are currently on the FCCPC watchlist
- The commission has also removed about 47 loan applications from its listings, and 16 were given outright approval by the CBN
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has approved over 100 new loan applications in the past 12 months.
Checks by Legit.ng on the FCCPC website showed that there are a total of 322 fully approved loan apps in Nigeria as of Wednesday, February 19, while those with conditional approvals were 42.
Source: Getty Images
The new number of loan apps represents an increase of 111 compared to the 211 approved as of January 2024, while those with conditional approvals were 40.
What this means is that in the last year, loan apps in Nigeria have increased by 111 and conditional approvals by 2.
The increase indicates that new companies are coming up to secure FCCPC’s approval for the digital lending business amid harsh economic conditions.
Many Nigerians can barely survive on their salaries and have to resort to taking loans from digital lenders until their next pay.
Some of the names of newly approved loan apps include:
- Bold app
- Nikdel Fast Cash app
- Nikdel Loans app
- Rimworld app
- Purple-Pearl app
- AI Credit app
- AI Credit Insight app
- Fincredit app
- Finkash app
- Flexfinance app
- Beta Finance app
- Fin Server app
- Cowry Wealth app
- Cowry Bank app
- Fundbox FSL app
- Lendease app
Source: Getty Images
FCCPC places 88 loan apps under a watchlist
Furthermore, FCPCC said 88 loan apps and companies are currently on its watchlist before final approval, which is an increase from 84 listed as of 2024.
Some of the loan apps are:
- Loan 300,000 Naira in Crancash
- Daily Loan app
- Easycash app
- Cashdoor app
- Quicknaira app
- Megaloan app
- Linkloan
- Fairkash Loan
- Linkcredit
- Apex Lending
- Earlycash app
- Creditwallet app
- Credit Pro app
Also, in the FCCPC list, 16 companies have received unconditional approval because they are licensed by the Central Bank of Nigeria.
Some of the apps include:
- Ek-Pay
- PalmPay app
- New Credit app
- Easy Buy app
- Xcross Cash app
- Xcash app
- Neo Cash app
- Firmus Mobile app
- Kashpit
- Monifix
- Dovekash
- Awoofikash
- Freshmoni
- CoreBank Mobile app
- Oxygen X Web application
- AidaCredit app
- Pal Loan app
- FlexiBank app
A full breakdown of the apps authorised by the government to provide loans can be found here.
Man demands N3m as repayment after borrowing friend
Legit.ng reported that a Nigerian man got people talking after sharing an ongoing case between him and his friend.
He stated that he borrowed his friend N1,250,000 for 3 years and had not been repaid as promised.
In a tweet by @hackSultan on X, the man said his friend always came up with stories and excuses when the money matter arose.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
