FCCPC Starts Delisting Defaulting Loan Apps After January 5 Registration Deadline

The Federal Competition and Consumer Protection Commission (FCCPC) starts delisting defaulting loan apps after they missed a key deadline. On January 5, these apps were supposed to finish registering under Nigeria’s new rules for online lending. Many failed to do so, and now FCCPC is taking them off its list of approved platforms. This move cleans up the loan app space and protects everyday Nigerians looking for quick credit.

FCCPC starts delisting defaulting loan apps to bring order back to digital lending. These are apps that offer loans through phones or online without proper checks. The new rules cover all app-based credit services. Platforms that got conditional approval before now face revocation. That means they can no longer legally give out loans in Nigeria. FCCPC delisting defaulting loan apps stops bad actors from harming borrowers.

FCCPC Executive Vice Chairman and CEO Tunji Bello explained the reason behind this action. He said it restores trust and discipline in the sector. “The goal is not to shut down honest businesses,” Bello noted. “We gave them time to comply, but now enforcement is fair and follows due process.” He stressed that FCCPC starts delisting defaulting loan apps after January 5 to promote transparency and keep consumers safe.

The updated public register on FCCPC’s website lists only approved lenders. Borrowers should check it before using any app. Bello warned people to stay away from apps missing from the list. “Our register shows operators who meet all rules at the time of update,” he said. “Be careful with any digital lender not on it.” This helps Nigerians avoid scams or unfair terms.

FCCPC is not working alone. It partners with app stores like Google Play and Apple, plus payment providers, to enforce rules across the ecosystem. If an app gets delisted, it could vanish from stores or lose payment links. FCCPC delisting defaulting loan apps makes sure only good players stay in business.

For apps with temporary approval, there’s still hope. They have until April 2026 to complete registration. This gives time to fix paperwork and meet all requirements. Bello called it a fair chance to get right. The commission wants to shield users from high fees, harassment, or hidden charges. At the same time, it protects rule-following apps from unfair competition.

Digital loans are growing fast in Nigeria. Many people use them for emergencies when banks are too slow. But without strong rules, problems like debt traps arise. FCCPC starts delisting defaulting loan apps after January 5 to fix this. It creates a stable space where borrowers get fair deals and businesses can grow honestly.

Bello made it clear: good regulation benefits everyone. Consumers gain confidence knowing apps are checked. Companies that play by the rules thrive without cheaters undercutting them. As monitoring ramps up, FCCPC will watch the industry closely. This ensures loan apps stay open, fair, and legal.

Nigerians should now turn to the FCCPC register for safe choices. By delisting rogues, the commission builds a better lending world. Trust in digital credit will grow, helping more people access money responsibly.

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