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Full List of Blacklisted Loan Apps in Nigeria

By Oluchukwu Ikemefuna

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While these blacklisted loan apps want Nigerians to think they are set up for business, loan sharks and digital lending applications engage in predatory and fraudulent activities.

We have conducted in-depth research on these activities. According to our investigation, several blacklisted loan apps that have been banned in Nigeria still exist, and their sole purpose is to defraud unsuspecting consumers who have the misfortune of using their lending apps for loans.

These fake loan apps either require their prospective users to pay loan processing costs or an unlawful security down payment. Some vendors enjoy using disparaging words, insulting them, and threatening and blackmailing clients whenever they get the chance.  

As a result, we have placed the loan apps on a blacklist and warned Nigerians to stay away from them at all costs.

We made the decision to make public the top ten blacklisted loan apps in Nigeria that have been banned and are harmful; these apps are operating unlawfully, scamming and defrauding Nigerians, breaking local lending regulations, and going against Google’s policy regarding loan apps housed on their network.

The Rising Threat of Fake Loan Apps

In this digital age, there is an increasing concern about fake loan apps. Due to the growing prevalence of internet lending platforms, con artists have discovered new ways to take advantage of gullible people in need of quick cash.

These phony lending apps frequently pose as reputable lenders, providing user-friendly application processes and enticing loan terms. However, gathering users’ financial and personal information is their primary goal because it may be utilized for identity theft and other fraudulent actions.

Those with limited access to standard banking services or those with a bad credit history are usually the target audience for these fraudulent loan applications.

They take advantage of people who are in dire need of money by making speedy approvals and instant cash transactions. However, scammers can utilize users’ personal information and banking credentials to steal their identity or even empty their bank accounts after they divulge this information.

The absence of adequate regulation and supervision in the online lending sector is one of the factors contributing to the widespread prevalence of fraudulent loan applications. 

These apps, in contrast to conventional banks and financial institutions, frequently function beyond the jurisdiction of regulatory bodies, which facilitates the establishment of fraudulent schemes by con artists. In addition, it is challenging to find and prosecute these con artists due to the anonymity that the internet affords.

It is essential to use caution and do extensive research before downloading any lending apps in order to safeguard yourself against being a victim of fraudulent lending apps.

Examine the app’s validity by looking up its credentials and perusing customer feedback. Apps that demand a large amount of personal data up front or that want payment should be avoided.  

Read Also: Kesmall Loan: How to Apply and other Important Details

Potential Risks of using Fake Loan Apps

There are a number of possible problems associated with using phony loan applications. Being a victim of identity theft is one of the biggest dangers. Users of these apps are frequently asked for financial and personal information, including their name, address, social security number, and bank account information.

The makers of the fraudulent software may misuse this private information or sell it to unaffiliated parties, which could result in loss of money and possibly harm to one’s credit rating.

The possibility of fraudulent activity is an additional danger. Phone apps that pretend to be legitimate may provide fast and simple loan approvals without carrying out appropriate background checks or confirming the borrower’s creditworthiness.

This may lead to people taking out loans from unreliable sources and getting caught in a debt cycle with excessive interest rates and hidden fees.

On users’ cellphones, phony loan apps could ask for unauthorized access to contacts, messages, or even the camera and microphone. Giving the app developers permission to gather sensitive data without the users’ knowledge or consent can jeopardize the security and privacy of personal data.

People who use fake lending apps may become targets of malware and phishing scams. These applications might have harmful attachments or links that, if opened or downloaded, could install malware on the user’s device. Financial fraud, unapproved access to personal information, or even total device loss are all possible outcomes of this.

How CBN Identifies and Blacklists Fake loan Apps

The Central Bank of Nigeria (CBN) uses a number of techniques to recognize and remove phony loan apps from its database. Conducting a comprehensive investigation and monitoring procedure is one of the main methods.

CBN keeps a tight eye on loan app activity and carefully examines its operations to find out if any fraud or regulatory violations are occurring.

Public reports and complaints are another source of information for CBN. Reports on suspicious loan apps or fraudulent activity can be made to CBN by individuals or groups. These reports are essential in assisting CBN in identifying and blocking fraudulent loan applications.

In addition, CBN works with law enforcement and other regulatory organizations to get data and intelligence regarding fraudulent loan applications. Through this agreement, it will be possible to identify and combat these counterfeit apps with a more thorough approach.

To guarantee regulatory compliance, CBN regularly examines and inspects lending app companies. False loan applications are blacklisted as a result of these audits’ assistance in locating any anomalies or fraudulent activity.

Signs to Watch Out for Identifying Fake Loan Apps

Lack of Proper Licensing and Registration

There are a few indicators to look out for when it comes to spotting phony loan apps. The absence of the required license and registration is one of the first indicators.

Loan apps that are legitimate must register with the relevant regulatory bodies, such the Central Bank of Nigeria (CBN). An app may raise red flags that it is not a reputable lender if it withholds information regarding its registration or licensing.

Absence of a Physical Address

The lack of a physical address or other means of communication is another red flag. Reputable lenders typically have a physical location or a working email address. If an application simply offers a virtual address or none at all, this could mean it is a fake loan app.

Poor user Reviews and Ratings

User reviews and ratings of fake lending apps are frequently negative. Checking user reviews and ratings is vital before downloading or utilizing any loan apps. It is advisable to steer clear of an app if a sizable portion of reviews or complaints question its validity or unethical tactics.

Transparent and Clear Terms and Conditions

The terms and conditions of legitimate loan applications are often open and understandable. Conversely, phony loan applications could feature ambiguous or perplexing terms and conditions.

Prior to accepting the terms, it is crucial that you thoroughly read and comprehend them. A fraudulent loan application may be indicated by terms that are confusing or appear too good to be true.

Request of Excessive Permissions

Furthermore, phony lending apps frequently ask for too many rights on your device. Authentic loan applications usually need minimal authorizations to retrieve your contact details or perform identity checks. An unreliable app may be indicated if it requests unneeded permissions, such access to your camera, microphone, or private files.

See also: Haraka Loan: how to Apply for it

List of Fake Loan Apps Blacklisted by CBN in Nigeria 2024

Many of these fraudulent loan applications lack a physical location, a website, or even any online presence at all, but somehow they managed to make their way into the Google Play Store and start defrauding hard-working Nigerians of their hard-earned cash. When it is found that more of these lending applications are breaking Google’s established regulations, it is time for Google to take action.

Our ranking of Nigeria’s top 10 worst and blacklisted loan applications is as follows. Borrowers and clients are advised to stay away from them at all costs. Many of these dishonest digital lending apps have fraudulently drained the bank accounts of numerous clients and potential borrowers, scamming and defrauding them.

  1.  NairaPlus
  2.  BorrowNow
  3.  LCredit
  4.  9ja Cash
  5. Cash Wallet
  6. GGMoney
  7.  9Credit
  8.  Sokoloan
  9.  Palmcash
  10.  Ease Cash

1. NairaPlus

On our list of Nigeria’s blacklisted loan apps, NairaPlus comes in first. One of the quick loan apps on the Google Play Store that violates consumers’ personal privacy is the scam lending platform. It sends intimidating and blackmailing messages to their friends anytime there is a purported failure on a loan.

We are aware that this violates the data privacy policies of their users, which the various lending apps promised to uphold when they registered and were hosted on the Google Play Store. Local laws also mandate this for any lending app or corporation doing business in Nigeria.

NairaPlus is rising to the top of our list of loan applications that have been blacklisted in Nigeria. The NairaPlus loan app has continuously broken both Google policy and local regulations, so we urge all Nigerian customers to avoid using its services.

This is the Google Play Store link for NairaPlus. Customers and borrowers in Nigeria have to avoid using these lending apps that are blacklisted.

2. BorrowNow

BorrowNow is rising to the second spot on our list of the blacklisted loan apps available in Nigeria. We encourage any Nigerians who are interested in loans to avoid using the BorrowNow loan app due to its unreasonably high interest rates, disregard for local laws in Nigeria, and disregard for Google policy regarding loan terms.

One of those dishonest lenders that enjoys delivering harassing and slanderous messages to its clients and borrowers is the BorrowNow loan app. It is best avoided like the plague by Nigerians. As such, we have added it to our list of loan apps that are prohibited in Nigeria.

3. LCredit

Blacklisted loan apps are quickly posing a threat to Nigeria’s financial and digital landscape, which has made it easier for many citizens who have not had access to the traditional banking system to become financially included. If regulatory bodies don’t monitor these apps, more crises could arise.

According to an investigation, Play Protect, the Google Play Store security system that checks apps hosted on its network, found the fraudulent loan app, which led to LCredit being placed on Google’s blacklist and removed from the Play Store.

4. 9ja Cash

The dangerous and banned Sokoloan lending app is the owner and manager of the fraudulent 9ja Cash Loan App.

9ja Cash, which is, as far as we can tell, owned and operated by Sokoloan Lending Company, comes in at number four on our list of fraudulent loan applications in Nigeria. We warn anyone in Nigeria who is looking for a loan to avoid using the 9ja Cash lending app at all costs.

They will use libelous texts to threaten you and the individuals on your contact list. This is unacceptable and unethical.

5. Cash Wallet

In Nigeria, Cash Wallet is one of the borrowing apps that is prohibited. According to the lending platform, you may use your phone to apply for fast loans anywhere, at any time, using a personal loan app in Nigeria. According to the website, its goal is to facilitate financing for Nigerians. A research, however, refutes this assertion.

  • Loan Type: Loan Amount: ₦ 3,000–₦ 100,000 (INACCURATE). After your debit card is registered with Cash Wallet, they will take a “down payment” of N3,000 to N10,000. Cash Wallet does not offer loans.
  •  Loan Term: 92 days at minimum, 365 days at maximum (FALSE. It never extends credit. If so, it won’t go past seven days. Every reviewer we highlighted attested to Cash Wallet’s unlawful withdrawals from their ATM cards rather than its lending activities.
  • Interest rate: annual percentage rate, or APR, ranges from minimum 16% to maximum 35%. FALSE. Cash Wallet does not have any loans available.
  • Other Fees: Without granting you a loan, Cash Wallet willfully deducts a service charge from your registered debit card in the form of a down payment.

The allegations regarding CASH WALLET that have been noted above are all untrue, deceptive, and intended to con Nigerians. For this reason, Cash Wallet has been included to our list of lending apps that are prohibited in Nigeria.

This is the Google Play Store link for Cash Wallet. Customers in Nigeria and those looking for quick loans should avoid using this app. On our list of Nigerian blacklisted loan applications, this is at number five. See a handful of the Google Play Store reviews of Cash Wallet if you’re still unsure.

6. GGMoney

As the Federal Government starts to closely monitor their operations, There are other platforms that are leading the charge in the fight against loan sharks and fraudulent loan apps in Nigeria for their numerous unethical and improper practices toward their clients and contact lists.

In certain cases, reports have included the names of the fake apps. In other cases, the alert went so far as to notify Google Play Store, which is where the majority of them are hosted. As a result, Google removed a few dubious apps from its Play Store.

The Federal Government of Nigeria is currently considering penalizing some of the organizations that have breached citizens’ rights to data privacy as a result of the growing advocacy.

GGMoney is one phony app that needs to be avoided at all costs. In the pretext of “recovering their loan,” this lending software violates the consumers’ right to privacy about their data. Reports of GGMoney’s numerous unethical methods, inexperienced staff, and exorbitant interest rates have been made on multiple occasions. 

We not only have the app blocked, but we also advise borrowers to steer clear of it because it is a horrible and awful app for borrowing.

This is the Google Play Store link for GGMoney. Customers in Nigeria and those looking for quick loans should avoid using this app.

7. 9Credit

9Credit is moving up to the seventh position on our list of lending apps that are prohibited in Nigeria. Because of the 9Credit loan app’s unethical and improper methods, we advise all Nigerian borrowers to avoid using their services.

For charging hefty, questionable interest to clients. for only granting loans for a period of seven days as opposed to the legally required minimum of sixty days. Additionally, for consistently threatening and defaming its clientele and their contact list.

View the defamatory statement below. 9Credit was issued to the individuals on one of its clients’ contact lists. These were not parties to the loan deal, nor did they ever sign as guarantors.  

This is the Google Play Store link for 9Credit. Customers in Nigeria and those looking for quick loans should avoid using this app.

8. Sokoloan

Another fraudulent and blacklisted loan app in Nigeria is called Sokoloan. The loan app scam’s offenses are listed below.

  1. As opposed to the 91 to 360 days that are shown in the Google Play store, lend money for 7 days.
  2. does not provide the #300,000 loan that it claims to.
  3. does not disclose its true costs in that the amount of the loan that is offered is far less than what is actually displayed.
  4. Similar to previous loans, this one has a seven-day loan term. It begins to count as soon as funds are deposited into your account, and you will see six days left on your dashboard right away. Never do you have seven days.
  5. If you don’t make the required payments on time, their employees will harass, threaten, and notify everyone on your contact list that you shouldn’t be trusted and that you owe them money.

9. Palmcash

View the comments of a renowned attorney regarding Palmcash and other phony loan applications that defraud Nigerians below.

Palmcash is dishonest and illegal in Nigeria. The lending platform lacks a face, a physical address, and contact information for customer support representatives. Kindly honor yourself by refusing to use their services. As a result, we added it to our list of lending apps that are prohibited in Nigeria. 

Read Also: Vooma Loan and Vooma Loan Limit

10. Ease Cash

Another one of Nigeria’s many fraudulent loan applications is Ease Cash. EasyMoni, a rogue digital lending software that was banned and blacklisted, has a new identity and is now fully hosted and registered on Google, the largest internet network! Watch Out, Borrowers!

This is the new loan app that replaces EasyMoni, called Ease Cash, available on the Google Play Store.

Ease Cash is the new moniker for EasyMoni, the rogue digital lending service that Google banned and blacklisted weeks ago in an attempt to continue evading and abducting innocent Nigerian borrowers. The digital lending app has completely reregistered on the Google Play Store under the name Ease Cash.

EasyMoni has a bad reputation for publicly humiliating and threatening its clients for even the smallest loan default or dispute.  

Legal recourse is one of the many options available to victims of fraudulent loan apps. If they have proof of their mistreatment, they can submit complaints with law enforcement organizations like the EFCC or the police.

It is crucial for victims to collect as much proof as they can, such as loan agreements, screenshots of discussions, and any other pertinent papers. This will bolster their argument and raise the likelihood that they will receive justice.

Victims may think about obtaining legal counsel in addition to reporting crimes to law enforcement. Engaging the services of a fraud case law specialist can offer victims the essential direction and assistance during the legal proceedings.  

In addition to guiding victims through the legal system, the attorney can assist them strengthen their case against the owners of the fraudulent loan apps. This can greatly raise the chances of getting justice and making up for any damages suffered.

In addition to pursuing justice for specific victims, the legal action against fraudulent loan apps also acts as a warning to others. When those who commit these kinds of frauds are brought to justice and made to pay for their actions, it sends a strong message to other people who might be thinking about falling for similar tricks.

This can make it harder for would-be victims to fall for fraudulent loan applications and foster a safer atmosphere for those looking for real financial support.

Frequently Asked Questions 

Is OKash banned in Nigeria?

Nigeria Shuts Down Okash and Other Loan Apps for Customer Privacy Violation. The Nigerian Federal Government has unleashed its powers to police some loan apps that have violated customer privacy.

Can loan apps access my contacts if uninstalled?

It’s important to note that while denying permissions and uninstalling the app should prevent the loan app from accessing your contacts, some loan apps may have collected and stored your contact information on their servers during the time you had the app installed.

How do I remove my personal information from loan apps?

Check for Account Settings: Look for an “Account” or “Settings” section within the app. This is typically where you can access options to manage your account and data. Review Data Deletion Options: Check if the app provides options to delete your account or personal data.

Are loan apps registered in Nigeria?

The federal government through the Federal Competition and Consumer Protection Commission (FCCPC) has registered and approved 211 loan apps, at the end of October, 2023. The 211 companies comprise 172 that have received full approval from the commission and 39 others with conditional approval.

Conclusion 

Fraudulent loan providers in Nigeria pester borrowers with notifications, even before payments are due, exploiting them with immoral tactics.

Some platforms resort to illegal coercion tactics, branding non-involved contacts and families of clients as “criminals on the run.”

FCCPC and NITDA collaborate to address data privacy violations by money lending companies under Nigerian consumer protection laws.

NITDA partners with FCCPC to regulate microlenders misusing Nigerians’ personal information, violating rights, and disclosing it unlawfully.

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Oluwatobi Olowe
Oluwatobi Olowe

Tobi Olowe has over 3 years of experience as a content writer specializing in Tech discoveries, site optimization, building content that rank well and boosting overall site performance.

Articles: 151

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