‘Bank Accounts Of 50 Loan Apps In Nigeria Have Been Frozen’

The Executive Vice-Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera says plans has been concluded against loan apps in Nigeria threatening and defaming their customers.

Mr. Irukera in an interview with newsmen, disclosed that the agency had taken strong actions against loan apps and other firms violating the rights of Nigerian consumers.

He noted what the agency is doing to ensure that Nigerians are not exploited.

50 Accounts Belonging To Loan Apps In Nigeria Have Heen Frozen

According to him, 50 accounts belonging to loan app operators have been frozen.

He said: “In reality, we are not late to the party. The robustness of your action is what determines whether or not you are late to the party. This is happening across the continent. We are the leading regulator on the continent; others are looking to learn from us on how we are succeeding. It is not likely you are late to the party when others in the party are asking you the dance steps.

We have so far frozen 50 accounts. We have taken over 12 applications off the Google Play Store and we are in discussions with more than 10 companies right now. The rate of defamatory messages has dropped by at least 60 per cent. I am not saying they have stopped but they have dropped by at least 60 per cent.

Many Loan Apps In Nigeria Before Us Have Agreed To Modify Their Modus Operandi

More than half of the companies that are currently before us have agreed that they will have to modify their behaviour. Many of them have changed some of their systems, including sacking some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are prosecuting at least one company right now.”

Do You Need Quick Or Emergency Loan From Reputable Loan Apps In Nigeria?

In need of an instant loan or an emergency cash loan in Nigeria? You can apply through any of the top loan apps in Nigeria and get funded under 3 hours, a few more hours or within 24 days. No hidden charges, no document needed, no collaterals needed with any of our list of reputable loan apps in Nigeria. One of such reputable emergency loan platforms is Taka loan.

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Instant Loan Apps In Nigeria In Minutes
 Instant Loan Apps In Nigeria Have Changed The Dynamics of The Loan Industry

There are many loan apps designed for urgent and emergency cash if you are a Nigerian and live in Nigeria.  An emergency cash loan is available for anyone who has an urgent financial obligation that cannot wait.

Reputable And Reliable Instant Loan Apps In Nigeria To Borrow From

If you need a reputable and reliable instant loan app in Nigeria, you can apply for quick cash loans from other platforms apart from ALAT By Wema app. However if you are a business owner, you can apply for a bigger loan amounts from Lendigo platform. The funds can be used to grow and expand your business.

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We should also add that if you are a Nigerian or non Nigerian but resident in United States (USA), you can apply for an emergency cash advance loan even if you have a poor or bad credit rating. Please ensure you avoid like a plague any of the following top 22 loan sharks in Nigeria. They are scam and fraudulent.

READ ALSO! TOP 13 ACCOUNTING SOFTWARE FOR SMALL AND MEDIUM SCALE BUSINESSES

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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