Entrepreneurs Applaud Govt For  Delisting 37 Illegal Loan Apps

Entrepreneurs in Port Harcourt have expressed satisfaction over the delisting of 37 illegal loan Apps by the Federal Government.
Speaking in an interview with The Tide, an international business consultant for Small and Medium Enterprises (SMEs)  in Port Harcourt, Ambassador Larry- Goodwill Akintoba Ajiola, said the action will go a long way in reducing scam and fraud which has become rampant in the country.
Amb. Ajiola, who is also the Chief Executive Officer (CEO) of Rumumasi Cooperative and Credit Society Limited,  said the quacks in the system have become problematic to SMEs, and tarnishing the reputation of some business men and women.
He noted that some who claimed to be loan apps ended up using the information supplied by  the innocent victims to empty their accounts and keep it under strict monitor.
Another Entrepreneur, Steve Maduka, who owns a shop at Garrison, Port Harcourt, said the action shows a good leadership and care for the citizens, adding, “many people have suffered in the hands of this fraudulent people.
“There is need to sanitise the mobile loan system to help growing businesses because they are sources of help to SMEs that do not have collateral for business capital”.
He reiterated the importance of mobile loan apps to the youths who have nobody to help them in raising money to  start their businesses.
Meanwhile, the number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s (FCCPC) new report.
The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained from the government website, Monday. The number of loan apps with conditional approval declined to 38 from 40, and the number of apps on the commission’s watchlist grew to 56 from 20.
This followied a sustained shakeup of the digital money lending space by the FCCPC, after harassment of Nigerians by the lenders
According to the commission, delisted loan are permanently deleted by Google from Play Store.
It stated that the list of delisted apps included, “Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App,  and Moneytreefinance Made Easy App”.
Others are “Cashme App, Secucash App, Creditbox App, Cashmama App, Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, Eagle Cash, Firstnell App, Flypay, and Spark Credit”.

By: Lilian Peters