The Central Bank of Nigeria (CBN) has blacklisted several fake loan applications alleged to be exploiting unsuspecting Nigerians.
The Federal Government endorsed this move, declaring these apps illegal due to their deceptive operations directed their delisting from Google Paly store.
These illegal loan apps thriving in illicit deals have been causing significant distress through their harassment of users and victims.
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Basically, these apps operate outside the legal framework, as they are unregistered with the federal government and have now faced an official ban.
The rise of fake loan apps is a pressing issue in the digital age, where the ease and appeal of online lending platforms have unfortunately also paved the way for fraudulent activities.
Scammers behind these apps lure individuals with the promise of straightforward loan approvals and quick money transfers, targeting those with poor credit scores or limited access to traditional financial services.
Victims, often in dire financial straits, are duped into submitting personal and financial information under the guise of securing a loan.
This sensitive data is then misused for identity theft, financial fraud, or other illegal activities, leaving individuals vulnerable and financially strained.
The CBN’s crackdown on these deceptive apps signals a commitment to safeguarding citizens from digital financial crimes and ensuring a secure environment for legitimate online financial transactions.
Here are the list of fake loan apps that have been blacklisted by the CBN:
EasyCredit
EasiMoni
KashKash
Speedy Choice
GoCash
Soko Loan App
Fast Money
GetCash
Icoin Loan
Naira Plus
9jaCash
LionCash
GMoney
Fast Money
9credit
Swiftkash App
Hen Credit Loan App
Cash Door App
Joy Cash-Loan 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
Moneytreefinance Made Easy App
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
Spark Credit
Luckyloan Personal Loan App
Meanwhile, the Federal Government approved these loan Apps in November 2023.
FairMoney
FairMoney was launched in 2017 by Laurin Hainy, Matthieu Gendreau and Nicolas Berthozat. The company is based in Lagos, Nigeria, with an office in Paris, France.
Number of Downloads: 10Million+, Rating: 4.2
Okash
Okash is Opay’s lending service arm. Both products are owned by Opera, the Norway based software company. The mobile-based lending platform began operations in Nigeria in 2018.
Number of Downloads: 5Million+, Rating: 4.3
Kuda
Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019.
Number of Downloads: 5M+, Rating: 4.3
Palm credit loan app
Palm credit is a loan app in Nigeria owned by Newedge Finance Limited. The app was launched on June 26, 2018.
Number of Downloads: 5Million+, Rating: 4.2
Quickcheck
Quickcheck is a Nigerian Fintech company founded in 2017 by Fabiano Di Tomaso. It provides 24/7 loans to underserved Nigerian consumers and micro businesses through a mobile application
Number of Downloads: 1Million+, Rating: 4.5.
Carbon
Carbon is a Nigerian lending platform founded in 2012 by Chijioke Dozie and Ngozi Dozie. The Lagos based startup started with the name OneCredit, then evolved to OneFi. In 2016, they launched a mobile app which offered a fully digital consumer lending experience and named it Paylater. Finally, in 2019 as they expanded the app’s suite of financial services, they renamed it Carbon.
Number of Downloads: 1Million+, Rating: 4.3
Renmoney
Renmoney was founded in 2012 by Stephen Jennings. The company operates on a microfinance banking licence in Nigeria.
Number of Downloads: 1Million+, Rating: 4.1
Umba mobile app
Umba launched in Nigeria in January 2021 by Irish entrepreneur Tiernan Kennedy and former Munster rugby player Barry O’Mahony.
Number of Downloads: 1Million+, Rating: 3.6
Aella Credit
Aella Credit started in 2015 and was founded by Akin Jones and Wale Akanbi. The YC backed startup is based in Lagos, Nigeria.
Number of Downloads: 1Million+, Rating: 3.2
