Top Loan Apps Banned In Nigeria

Top loan apps Banned In Nigeria most of them hosted on Google Play Store or on Apple Store over serial violation of customers’ data privacy and consistent shaming and defamation of  their borrowers.

Many Illegal Loan Apps Banned in Nigeria and Operations Shut Down

Nigerian authorities has finally risen up to the challenges and threats posed by illegal loan apps and loan sharks operating in the country by banning the operations of many of them. These include those that have constituted themselves into a menace, violating the data privacy of their customers and consistently sending shame and defamatory messages to the borrowers, their family members and their phone contacts.

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About a week ago, the Federal Government raided the offices of  illegal digital lenders located in the capital city, Lagos metropolis abd shut down their offices and consequently their operations over alleged consumer rights abuse. Many of the loan apps banned in Nigeria are operating illegally without license from the CBN or registered with the Corporate Affairs Commission (CAC).

The raid was led by the Federal Competition Consumer Protection Commission (FCCPC) in conjunction with the
Independent Corrupt Practices and Other Related Offences Commission (ICPC), the National Information Technology Development Agency(NITDA) and the Nigeria Police Force (NPF).

FCCPC Also Bans Acceptance of New Application By Loan Apps Without Regulatory Assessment

The agency also banned the acceptance and presentation of new online banking and loan applications without regulatory assessment and approval.

The decision to ban these illegal loan apps was contained in a statement by Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, for the Joint Regulatory and Enforcement Task Force.

He said the order is in furtherance of the action taken by the Inter-Agency Joint Regulatory and Enforcement Task Force last Friday, which led to the shutdown of some online banks.

The statement read, “In furtherance, and pursuant to an Order of the Federal High Court procured by and granted to the FCCPC, the JRETF executed a search and seizure Order on certain digital money lenders.

Top 14 Loan Apps Banned in Nigeria

The affected top 14 loan apps banned in Nigeria are included in the list below. These apps have either had their operations shut down in Nigeria or outrightly had their apps banned and removed from both Google Play Store and Apple Store. Some however that have been banned nationwide are still hiding under Google Play Storeand secretly swindling and scamming unsuspecting Nigerians.

  1. GoCash Loan App Banned
  2. OKash Loan App Banned
  3. EasyCredit Loan App Banned
  4. Kashkash Loan App Banned
  5. Speedy Choice Loan App Banned
  6. EasyMoni Loan App Banned
  7. Sokoloan Loan App Banned
  8. LCredit Loan App Banned
  9. 9ja Cash Loan App Banned
  10. Gotocash Loan App Banned
  11. ForNaira Loan App Banned
  12. Ease Cash Loan App Banned
  13. Cash Wallet Loan App Banned
  14. BorrowNow Loan App Banned

We strongly warn every Nigerian to desist from doing any business or borrowing money from any loan app that appears on the list above. They are illegal, they are scammers, the loan apps are fraudulent and allegedly in consistent customer data privacy violation.

Mr Dave Fadiya, a security consultant says: “Sokoloan is the parent company of  GoCash, they don’t give second chance they’re the worst loan house I have ever heard. The bottom line is they threaten their staffs to sack them sometimes they don’t pay they their salaries, that’s what one of their staff who is close to a friend to him. The Chinese dont care.” It is generally believed that Sokoloan lending app and parent company is also the owner of GoCash, both of them among the loan apps banned in Nigeria.

Another customer spoke with QUICK LOAN ARENA about this threatening loan app: “I borrowed N8000 from GoCash to pay back N12,100 in 7 days and I have paid N7000 remaining N5,100 to balance. I have been sent serial shaming and threatening messages.

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loan apps banned in Nigeria
FCCPC Boss, Irukera at one of the “illegal” loan apps banned in Nigeria

“As part of the operation, the JRETF together with the Nigeria Police Force and bailiff of the Federal High Court searched locations of the money lenders, extracted valuable evidence and in some circumstances prohibited or restricted continuing operations.

“In addition to the physical operation noted above, the Commission entered and served Orders on multiple financial institutions freezing or suspending operations of certain accounts which some of the money lenders have used to conduct implicated business or transactions subject of investigation.

“Further, the Commission also entered and served wide-ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.

“The Order of the Commission also prohibits acceptance and presentation of new applications for the same purpose without regulatory assessment and approval.

loan apps banned in Nigeria
Some laptops seized by FCCPC officials

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“In the interim, the Commission admonishes all the businesses that were subject of regulatory intervention on Friday, March 11, 2022, to cease and desist the interest compounding and loan repayment/collection practices that are the objects of this investigation.

Loan Apps Banned In Nigeria Should Cease Operation

“In the event that any of these businesses continue in any of this conduct, or the Commission receives credible evidence of such, violators will be subjected to the full extent of the law including prosecution without option of administrative regulatory resolution.

“The Orders of the Commission are without prejudice to existing borrowers repaying any legitimate loans pursuant to fair and acceptable terms and conditions; or any modifications to previous terms and conditions that are considered onerous, inconsistent with prevailing law or general principles of transparency and fairness.

Features, Violations of Fraudulent Loan Apps Banned In Nigeria

“We found out that most of these companies operate from the same place. We also found out that many of them are actually operated by the same person,” the FCCPC boss said.

“They are not Nigerian companies, they don’t have an address in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission and they do not have any licence to do their business.”

Highlighting steps taken by the commission, Irukare said the FCCPC obtained a court warrant to proceed with a “search and seizure”.

He said the commission had written to global app companies, asking them to shut down the loan companies’ apps.

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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.

37 Comments

  1. Many Nigerian people have committed suicide because of this useless fraudster loan app, one of my friend told mehe took loan from across the rates was so high but he need the money to pay in school after the due day he paid 70% out of 100% still they still sending bad messages to his contacts, it was hell for him they threaten him by calling him bad names that’s how my friend commit suicide because of the shame. I want to urge government to not allow this bad loan app to get back because many have died, sokoloan, gocash,kashkash,9jacash,okash,xcross,xcredit,black copper,carbon,fairmoney and so on.

    1. The guy killed himself for nothing. He should have loomed for a way to sue them for damages that company first and pay the loan. Why killing himself?

    2. Please I need vengeance,I installed add money loan app on my phone and when I saw 23000to pay 34000 I decided to quit but before u know it they credited me with 23000 to pay 34 in one week then after one week I paid 10k cause that’s what I had as of then but the money didn’t reflect on the app tether it’s increasing and now it’s 85000 in 2 weeks plus, please wath do I do And they’re posting my pictures online as a hiv carrier

  2. All these loan apps mentioned are still fully in operation, after paying part of my loan, Newcredit placed a lien on my salary account, what power / relationship does an online loan app have over my bank (Stanbic IBTC bank) that it can place a lien on my account, but when we were duped by ponzi forex trading companies nothing was done by these so called banks.The FCCPC should do something about this urgently.

  3. Please the federal government should stop all this loan apps in Nigeria because its really causing havock in so many familes to the point they had to send a message to my friend telling him he should be ready that his people will use that money to bury him,to the point they calls the father and reported him telling him to get ready to bury his son and insulted the father calling him names.please federal government you people should help us stop this loan apps in Nigeria we don’t need it.thats why we have banks in the country. please save this country from bad eggs so called loan apps.thank you GOD bless.

    1. Hmmm, That is how one agent called me and said all the curses in the book of Deut 28 in the bible will follow me if I don’t pay my loan before 12:00noon of my due date. It was a painful experience for me and the painful part is that I wasn’t even collecting it for the first time on the application. I was their regular customer.

  4. LCREDIT is the worst loan app I have seen, their workers are so foolish and ill mannered. I have been collecting loans from them and I make sure I repay before the due date, this last loan that I collected 2weeks ago which due on 25/05/2022 starting from yesterday been 26th May and today 27th I have received so many threatened messages from them despite my good records with them,I have pleaded with them to give me little chance to pay it little by little they refused.
    And their interest rates is too much 46, 500 to pay 58, 700 just for 2 weeks.
    Government please they are still operating in Play store and threating people’s lives.
    They should be Bann entirely because some people are dying emotionally because of them.

      1. Please sir, after paying my loan with palmcredit, they still send me all sorts of bad messages both to me and phone contacts for me to overdue charges which keep increasing everyday on their app. Pls sir what can i do because this is unbearable for me again and am a student.

    1. Cocoloan is also one of the worst loan app I have ever seen, this loans company are much in playstore which their workers are so annoying people. They give too much threat. Imagine I borrowed money from cocoloan which is not the first time, I pay my loan before the due date but the last loan I collected from them brought a big embarrassment where I worked that day.
      Imagine the lady that called was like if I don’t pay my loan before 12pm that I will see meanwhile their charges is too high for example if they give out 10,000 they will collect 17,000 back within 7days how is that easy. Please help us work on all this fraudulent loan app like Belloan, Cocoloan, L credit which is mL credit now, Nairabag, Cashkey, Cashmama and so on

  5. I am going through similar experience with L credit. My loan was overdue, they started cursing me a day after, calling me names. Threatening me and I have good record with them, with every passing day, they are increasing due amount by close to 2000 naira. The government should please see to this and help us. This is just a 2 weeks loan with too much interest. Imagine 46,000 to pay 58,000 in just two weeks😢

  6. Lcredit need to banned, they are still operating full time and they causing alot of havoc to people’s life, a friend of mine lost her job because of them,,,, ,FG should do something about them asap.

  7. So this people are banned truly and they are still operating and frustrating people into committing suicide, interesting so now that i know am not going to pay all of the app am owing…..very stupid peole

    1. The guy killed himself for nothing. He should have loomed for a way to sue them for damages first and pay the loan. Why killing himself?

  8. In order to help my business, I borrow money from some apps and in other to not to default to avoid defamatory messages, I will use one app to pay the other until it became too much for me to handle. Now my business is down and I hv no source of income and life now is hard. They started sending defamatory messages to my contacts, raining curses despite speaking to them abt my predicament. I’m even tired of everything. They still add daily interest to the money of nothing less than a thousand. Abeg where I wan get d money. Somebody should pls help me

  9. Hum. Thanks Mr Femi for the write up. Why can’t the government help we the masses to checkmate and possibly regulate these online loan sharks. I am in a serious mess as I write. I have incurred debt upon date just to get out of this mess I found myself in the hands of these online loan sharks. The threat,calls, defamatory statement and defamation of character is not what I wish to get. But what do I do? Whom do I run to? I have cried, yet am still in the mess. I want to plead to FCCPC to investigate WEMA bank for that is there Bank agent too. God bless FCCPC , God bless the President of the Federal Republic of Nigeria. Thanks

  10. Loans like Deloan, Bell loan, Zuma cash, Rushcredit, Fastcredit, Wekash,Rapidnaira,Money hub,Loan Personal,Nextcredit,Nextnaira,Ncash All these apps should be shut down immediately.,

    1. Agreed. They are very Terrible Rushcredit, Cashbus, Deloan, Lcredit, Abcloan, Cocoloan, Wekash,, Cashsea are highly important to close down. INTEREST IS ALMOST DOUBLE THE AMOUNT YOURE GIVEN IN JUST ONE WEEK.

  11. Any loan which defame anyone shouldn’t be paid again even the messages are sent to all your contacts.

    1) Loom for them if they have a physical address in Nigeria. If they don’t, use the appropriate authority to get their contacts through their respective banks.

    2) Institute a libel suit against them and sue for damages.

  12. Any loan which defame anyone shouldn’t be paid again even the messages are sent to all your contacts.

    1) Loom for them if they have a physical address in Nigeria. If they don’t, use the appropriate authority to get their contacts through their respective banks.

    2) Institute a libel suit against them and sue for damages.

    3) Go to the press and label them criminals by doing a comprehensive write-up against them. Make sure that such write-ups goes viral and get a copy to the National Assembly if the authorities refuse to act. Follow them up with dexterity.

    4) At the end, you will get justice and a fair hearing from the court of public opinion and appropriate quaters. Ensure that your write-ups are captivating.

    5) This is not to encourage the taking of loans without repayment anyway but fir those loan companies who charges exorbitant interest rates within a short period and will hide it from you until the loan is discussed and will not stop interest after 14 days for a loan tenor of 7 days. They are simply criminals.

  13. Rushcredit should be Bann they are wicked, they don’t show disbursement amount after approving a loan 10500 you will only receive 6500 for 7 days that’s 4k interest 7 days.. that’s too much.
    If you default for a day they will start calling and sending messages to all your contacts. After debiting my account they are sending messages to all my contacts I will not pay the balance again because the messages they sent to people will give them the balance.
    Rushcredit is a useless app

  14. Sokoloan, Gocash,9jacash,fairmoney are the same… Oloriburuku ni gbogbowon… Also kashkash and okash Wereponbele ni won… But the question is how do they manage to interface with banks without proper authorization and regulations

    1. Would dey arrest someone if dey fail to pay bcs a friend of mine said he has block his atm and dey can’t collect money from his account anymore I’m planning d same bcs dey wan kill me with high interest

  15. Sokoloan, Gocash,9jacash,fairmoney are the same… Oloriburuku ni gbogbowon… Also kashkash and okash Wereponbele ni won… But the question is how do they manage to interface with banks without proper authorization and regulations by the government

  16. It’s unfortunate that the harsh economy plus inflation has driven a lot of people into the hands of loan apps aka loan sharks. With their very high rate, emotional, mental torture and harassment .. Many are committing suicide.

    All of these apps were just removed from playstore.. They are still operating offline. Do a Google search for their apk file, download and install..you will find them there. Most now send unsolicited sms with their app download links…. Most of them are operated by 1 or 2 Chinese slave master under different names. From the apps design, interface and wordings… You will spot them easily.

    Their loan/recovery agents too are cramped into one room office, abused physically, emotionally, psychologically and even assaulted etc by their Chinese owners….. outrageous daily targets too over meagre pay. All of these contribute to their
    pouring of aggression and using every deceit, harmful and unethical ways to recover loans.

    What started as an innocent and urgent need for cash has grown to dilemma, embarrassment and unease. Nothing is ever worth taking one’s life for….. The life that took the loans will repay.

    For those with the means to repay, kindly do so and move on. For those without the means…. Even if it 1k,pay into their account and rest your head until you have another.

    Do not let their threats push anyone to taking their life…. Be strong.

    For contacts, friends and families who have means to lend a hand financially but decides not to…. Is until a life is lost before you realise that you could have averted it?

    Government at all levels needs to look at these menace… E no concern me, it will when someone close to you commits suicide.

    Zero% Assurance

  17. Deloan app should be shut down immediately, had a bad experience with them ,the day my loan was due ,was the day they started sending WhatsApp messages to my contact ,telling them am a fraudster,flagging my pictures, can u just imagine ,10000 to pay 14500 in 7 days

  18. Do not mind whatever messages or threats they send on daily basis. Most of those loaners are fast killers, crooks and real time scammers. Like this eh…. Am owing about 8 of them, but i no dey pay shishi. It’s over 3 months now since overdue and none of them have sent messages to my contacts or post my pictures anywhere. They are even tired of calling me😌😏. If you want to know how I was able to deny them access to my contacts send me a dm on WhatsApp @09151977310

  19. It’s better you avoid there calls and messages or maybe you just change your number…mind you they have no access to your bank accounts and you can’t be jail bkos of debt

  20. i borrowed 30,000 from sokoloan last year they called and threatened me, i didn’t pay back till date they cant destroy my reputation and still expect me to compensate them never.

  21. Hi Ckloannarena,

    You are doing a great job. Kudos.

    I however suggest you include dates in people’s posts so we can actually know when they made their comments.

    It helps us know if they are recent or old comments and suggestions.

    Thank you.

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