37 Banned Apps: List of Loan Apps Banned in Nigeria 2025

Navigating the digital finance landscape in Nigeria can feel like walking a tightrope. On one side, the promise of quick, accessible funds for urgent medical bills, school fees, or sudden business needs. On the other, the lurking danger of predatory loan apps that ensnare users in debt traps, shatter privacy, and resort to aggressive harassment. This isn’t a hypothetical scenario; it’s been the harsh reality for countless Nigerians. But the tide is turning, thanks to decisive action from regulatory bodies.

At Smartloans, we understand the critical need for reliable financial solutions and accurate information. That’s why we’ve compiled this definitive guide. We’re not just discussing a few bad actors; we’re revealing the full list of loan apps banned in Nigeria, ensuring you know exactly which platforms to steer clear of in 2025 and beyond. Our own app, LendSafe, is built on transparency and trust, offering a secure alternative in this evolving digital finance space.

Why Nigeria’s Digital Loan Landscape Needed a Clean-Up

The Alarming Rise of Predatory Online Lending Practices

The advent of digital lending applications promised a revolution in financial accessibility for millions of Nigerians. Indeed, Nigeria’s digital lending market, valued at over US$2 billion in 2023, is projected to grow by more than 15% annually, highlighting its immense potential (Source: Statista).

These apps offered a seemingly effortless path to quick cash. They particularly appealed to small business owners and individuals facing immediate financial exigencies. The convenience was undeniable, allowing users to apply for and receive loans within minutes, often requiring little more than a smartphone and basic personal information.

However, this rapid, largely unchecked growth quickly birthed a darker side. Many unregistered and unregulated digital money lenders (DMLs) emerged, operating outside any established legal framework. These entities exploited the urgent needs of borrowers, imposing exorbitant interest rates. Some predatory platforms were found to charge annual interest rates as high as 600-1000%, far exceeding the average 30-60% annual rates offered by legitimate lenders (Source: Nairametrics Analysis).

Repayment periods were often incredibly short, sometimes as little as seven days. This made it nearly impossible for borrowers to settle their debts without falling into deeper financial distress. This unchecked proliferation led to a predatory environment where profit maximization trumped ethical lending. The lack of transparency regarding terms and conditions was a hallmark of these rogue apps.

Borrowers often found themselves agreeing to clauses they didn’t fully understand. They only realized the true cost of their loans when punitive charges and escalating interest rates began to bite. It became clear that without proper oversight, the digital lending space was becoming a dangerous minefield for unsuspecting Nigerians.

The Human Cost: Harassment, Debt Traps, and Privacy Concerns for Borrowers

The consequences of engaging with these predatory loan apps extended far beyond mere financial hardship. When borrowers inevitably struggled to meet the impossible repayment schedules, these apps resorted to highly unethical and often illegal debt recovery tactics. Harassment became a pervasive issue, with loan agents inundating borrowers with aggressive calls, threatening messages, and public shaming tactics.

A particularly egregious practice involved accessing borrowers’ phone contacts, often without explicit consent. They would then send defamatory messages to their family, friends, and even employers. This public shaming, designed to coerce repayment through humiliation, caused immense psychological distress and damaged reputations. The FCCPC reported a surge in consumer complaints, with over 25,000 grievances filed against digital lenders in 2023 alone, primarily citing harassment and exorbitant charges (Source: FCCPC Annual Report).

Many individuals reported severe anxiety, depression, and social ostracization as a direct result of these tactics. Furthermore, the privacy concerns were monumental. These apps often demanded intrusive permissions, gaining access to users’ entire contact lists, call logs, and even gallery photos. This data was then weaponized during debt recovery, violating fundamental privacy rights. The human cost was undeniably high, transforming what was meant to be a financial lifeline into a source of profound suffering and exploitation for countless vulnerable Nigerians.

FCCPC & CBN’s Crackdown on Illegal Loan Apps

Understanding the Regulatory Framework: Why Action Was Necessary

The escalating crisis in the digital lending sector necessitated urgent intervention from Nigeria’s primary regulatory bodies. The Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN) recognized the systemic risks posed by unregulated DMLs to financial stability and consumer welfare. Their joint efforts became crucial to restoring sanity and trust within the burgeoning fintech landscape.

The FCCPC, mandated to protect consumers and ensure fair competition, took the lead in developing a robust regulatory framework. This culminated in the “Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).” These guidelines were designed to bring sanity to the sector by mandating registration, establishing ethical lending practices, and providing a clear path for consumer redress.

The CBN, as the apex financial institution, played a vital supportive role. They focused particularly on overseeing financial institutions and promoting a sound financial system. While the FCCPC focused on consumer protection aspects, the CBN’s broad oversight ensures that licensed financial entities operate within national financial policies. The collaborative stance of both regulators underscored the seriousness of the issue and the necessity for a multi-faceted approach to rein in illegal operations.

This regulatory push aimed to achieve several key objectives:

1. Consumer Protection: Shielding borrowers from predatory interest rates, hidden fees, and exploitative debt recovery practices.
2. Market Sanity: Creating a level playing field for legitimate lenders and weeding out fraudulent operators.
3. Data Privacy: Ensuring that borrowers’ personal data is handled responsibly and not weaponized for harassment.
4. Financial Stability: Preventing the spread of illicit financial activities that could undermine trust in the broader financial system.

The implementation of these guidelines marked a turning point. It signaled that the era of unregulated digital lending in Nigeria was drawing to a close. The regulators were no longer merely observing; they were actively shaping the future of digital finance to prioritize consumer safety and market integrity.

How Google Play Store Became a Battleground Against Non-Compliant Apps

Recognizing that most of these illegal loan apps operated via popular app stores, particularly Google Play Store, the FCCPC adopted a strategic approach: cutting off their primary distribution channel. This move transformed the digital marketplace into a critical battleground in the fight against predatory lending. The FCCPC understood that merely issuing guidelines wasn’t enough; enforcement had to be practical and far-reaching.

On August 1, 2023, the FCCPC formally requested Google to remove illegal apps that were operating without regulatory approval or in blatant violation of the newly established guidelines. This was a significant step, leveraging the power of tech giants to enforce local regulations. Google, as a platform provider, has a responsibility to ensure that the apps hosted on its store comply with local laws and user safety standards.

This collaboration led to tangible results. By September 11, 2023, the Nigerian government, through the FCCPC, had delisted thirty-seven (37) more illegal loan apps from the Google Play Store. This action followed previous removals and demonstrated a clear escalation in enforcement. Since the regulatory crackdown intensified in mid-2023, over 200 non-compliant apps have been removed or suspended from app stores, leading to a noticeable 50% decrease in new harassment reports (Source: TechCabal Insight).

The FCCPC also noted an increase in the number of fully approved loan apps (from 154 to 164) and a decline in conditionally approved apps (from 40 to 38). This indicates that the regulatory pressure was driving compliance. Furthermore, the commission’s watchlist for potentially problematic apps significantly expanded, growing from 20 to 56. This proactive monitoring signals ongoing vigilance and a commitment to continuous oversight.

The strategy of collaborating with Google proved highly effective. It directly impacted the reach and operational capacity of non-compliant lenders, making it harder for them to prey on unsuspecting borrowers. This partnership set a precedent for how regulatory bodies can leverage global technology platforms to enforce national consumer protection laws.

The Official Blacklist: Full List of Loan Apps Banned in Nigeria by FCCPC

The 37 Apps You Must Avoid in 2025: A Critical List of Loan Apps Banned in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has been relentless in its efforts to sanitize Nigeria’s digital lending space. As part of its decisive crackdown, the commission delisted numerous illegal loan apps from the Google Play Store, sending a clear message to unscrupulous operators. Below is the critical list of loan apps banned in Nigeria by the FCCPC, which you must avoid in 2025 to safeguard your financial well-being and personal privacy.

These 37 apps were specifically targeted due to their non-compliance with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. They often engaged in predatory practices, including harassment and privacy violations. Using any of these apps puts you at significant risk of exploitation and undue stress.

Here is the list of 37 newly delisted loan apps by the FCCPC:

• Swiftkash App
• Hen Credit Loan App
• Cash Door App
• Joy Cash-Loan Up To 1,000,000 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

This list serves as a crucial warning. Engaging with these platforms means exposing yourself to potentially illegal operations, unfair terms, and aggressive debt collection tactics. Always verify the legitimacy of any loan app before providing your personal information or taking out a loan.

Apps on the FCCPC Watchlist and Other Blacklisted Platforms

While the focus is rightly on the 37 explicitly banned apps, it’s important to understand that the regulatory landscape is dynamic and extends beyond this specific list. The FCCPC maintains an active watchlist, which has significantly grown from 20 to 56 apps. This indicates a continuous monitoring process for platforms that may pose risks or are under investigation for non-compliance. These apps, while not yet officially “banned,” are under scrutiny and should be approached with extreme caution.

Furthermore, other regulatory bodies, such as the Central Bank of Nigeria (CBN), have also compiled their own lists of blacklisted loan apps. These lists often overlap with the FCCPC’s efforts but can also include additional entities that have violated banking regulations or operated without proper licensing. For instance, the CBN has also blacklisted a broader range of apps, many of which were mentioned in public forums due to user complaints about their predatory practices.

Some of the apps that have been widely reported as blacklisted by the CBN or have drawn significant negative user feedback include (but are not limited to, and distinct from the FCCPC’s 37 new delistings):

• EasyCredit
• EasiMoni
• KashKash
• Speedy Choice
• GoCash
• Soko Loan App (also appears on FCCPC’s list of companies/apps being investigated or on watchlist)
• Fast Money
• GetCash
• Icoin Loan
• Naira Plus
• 9jaCash
• LionCash
• GMoney
• 9credit

The overlap between these lists highlights the widespread nature of the problem. It is imperative for consumers to consult the official websites of the FCCPC and CBN for the most current and comprehensive lists of approved and blacklisted digital lenders. Relying solely on a single source or outdated information can expose you to significant financial and personal risks. The vigilance of both regulators and consumers is key to navigating this complex terrain safely.

Identifying & Choosing Legitimate Loan Apps

Your Blueprint for Verifying a Loan App’s Legitimacy and Compliance

In a digital lending landscape fraught with both opportunity and risk, knowing how to identify a legitimate loan app is paramount. The FCCPC and CBN’s proactive measures have helped, but the responsibility ultimately falls on the borrower to exercise due diligence. Here’s your actionable blueprint to verify an online loan app‘s legitimacy and ensure it complies with Nigerian regulations:

First and foremost, always check the official FCCPC website. The commission publishes and regularly updates a list of fully approved and conditionally approved Digital Money Lenders (DMLs). If an app is not on this list, or if it appears on any of the blacklisted or watchlist categories, consider it a major red flag and avoid it. This is the single most reliable source of truth for regulated lenders in Nigeria.

Secondly, scrutinize the app’s transparency. A legitimate loan app will clearly display its terms and conditions, interest rates, repayment schedules, and any associated fees upfront, without hidden charges. Look for a detailed privacy policy that explains how your data will be collected, used, and protected. If these crucial details are vague, difficult to find, or overly simplistic, proceed with extreme caution. For a deeper dive, learn how to calculate interest on loans in Nigeria.

Furthermore, verify the lender’s physical presence and contact information. Reputable companies typically have a registered office address and accessible customer service channels (phone, email, live chat). Be wary of apps that only offer generic email addresses or have no discernible physical presence, as this often indicates an attempt to evade accountability. Online reviews and ratings, while not foolproof, can also offer insights into other users’ experiences, though be mindful of fake reviews.

Finally, pay attention to the permissions an app requests upon installation. While some access to contacts or location might be genuinely needed for credit assessment, be suspicious of apps demanding excessive or irrelevant permissions, such as access to your photos or call logs. This is especially true if their privacy policy doesn’t explicitly justify such access. A legitimate lender will prioritize your privacy and only request data essential for their lending operations, coupled with robust data security protocols to protect your sensitive financial information. For tips on avoiding scams, refer to our guide on personal loans in Nigeria.

LendSafe and Other Approved Platforms for Responsible Borrowing

Amidst the proliferation of illicit lending platforms, numerous legitimate and responsible loan apps have emerged, offering a safe and transparent path to financial assistance. These approved platforms adhere strictly to regulatory guidelines, prioritize consumer protection, and offer fair terms, distinguishing themselves from their predatory counterparts. LendSafe, our very own app, stands out as a prime example of such a platform, embodying the qualities of a reliable and user-centric digital lender in Nigeria.

LendSafe emphasizes its commitment to providing instant online loans with transparent and fair terms, explicitly stating “absolutely no hidden fees from the start.” We leverage AI-powered approval processes for fast and fair decisions and boast bank-grade security for user data. This focus on transparency, speed, and security aligns perfectly with regulatory expectations and consumer needs. We offer loans up to ₦500,000, directly disbursed to bank accounts, designed to bridge salary gaps or cover urgent bills without the need for collateral or lengthy waits. Learn more about how to apply for a ₦500k loan in Nigeria.

When seeking an approved loan app, look for characteristics similar to LendSafe’s offerings:

• Clear Regulatory Status: The app and its parent company should be clearly listed on the FCCPC’s official register of approved DMLs.
• Transparent Terms: All interest rates, repayment periods, and fees must be clearly stated upfront, with no hidden clauses or surprises.
• Reasonable Interest Rates: While digital loans may have higher rates than traditional bank loans due to their instant nature and lack of collateral, they should not be exorbitant or predatory.
• Ethical Debt Recovery: Legitimate lenders will follow legal and ethical procedures for debt recovery, avoiding harassment, public shaming, or unauthorized contact with your network.
• Strong Privacy Policies: They should have a robust privacy policy that clearly outlines data usage and guarantees the protection of your personal information.
• Accessible Customer Support: Responsive and helpful customer service channels indicate a commitment to borrower satisfaction and problem resolution.
• Positive User Feedback: While not the sole determinant, consistent positive reviews that highlight fair practices, ease of use, and good customer service are good indicators.

By choosing platforms like LendSafe and others on the FCCPC’s approved list, borrowers can access much-needed funds without fear of falling into debt traps or experiencing harassment. These platforms represent the future of responsible digital lending in Nigeria, fostering trust and empowering individuals to manage their finances effectively and with peace of mind.

Understanding Your Rights: The CBN’s Bill of Rights for Bank Customers

Beyond identifying legitimate loan apps, it is equally vital for Nigerian consumers to be fully aware of their rights as bank customers. The Central Bank of Nigeria (CBN) has proactively released a “Bank Customers’ Bill of Rights and Obligations,” a crucial document designed to empower individuals and ensure fair treatment within the financial ecosystem. This bill applies broadly to bank customers, including those interacting with digital lending platforms that operate within the regulated financial space.

The CBN’s Bill of Rights outlines several fundamental entitlements that every customer should be aware of:

• Right to be Informed: You have the right to full, complete, relevant, and truthful disclosure of information on products and services offered by your bank. This includes clear explanations of all contractual terms, charges, and conditions before you agree to any service.
• Right to Choose: Customers have the right to select from a range of products and services at competitive prices and to accept or decline any product or service offered. A bank cannot restrict your choices or compel you to accept unsuitable products.
• Right to Safety: Banks are obligated to provide a secure and conducive banking environment, protecting customers from accidents on their premises and ensuring their well-being.
• Right to Privacy and Confidentiality: Your bank cannot disclose your account details or personal information to third parties without your consent, except where legally required. This is a critical protection against the public shaming tactics used by illegal loan apps.
• Right to Redress: If you have a grievance, you have the right to an efficient, free, accessible, transparent, timely, and convenient complaints management system. You should be kept informed of the resolution process and have the right to seek review from the CBN or the courts if unsatisfied.
• Right to Good Service: Banks must provide quality and value-adding banking services, treating customers with respect and dignity, and offering appropriate responses to their needs and complaints.
• Right to Equality: Customers should be treated equally, without discrimination based on gender, religion, or any other factor.
• Right to Free Monthly Statement of Account: You are entitled to receive a free monthly statement of your account.

Understanding these rights empowers you to demand fair treatment and to recognize when a digital lender is violating established norms. The CBN emphasizes that while customers have rights, they also have obligations, such as fulfilling financial commitments, protecting instruments and information, providing factual information, and reporting suspected fraud. By being informed and assertive about your rights, you contribute to a more responsible and customer-centric financial environment in Nigeria.

The Future of Digital Lending in Nigeria

Strengthening Consumer Protection: A Proactive Stance by Regulators

The decisive actions taken by the FCCPC and CBN against predatory digital lenders signal a clear and proactive stance towards strengthening consumer protection in Nigeria’s financial sector. This is not a one-off campaign but an ongoing commitment to create a safer, more transparent, and equitable lending environment. The regulatory bodies have demonstrated a willingness to adapt and respond to the evolving challenges posed by digital innovation.

Moving forward, we can anticipate continued vigilance and potentially more stringent measures. The expansion of the FCCPC’s watchlist, alongside the continuous review and update of approved lenders, indicates a dynamic regulatory approach. Regulators are likely to focus on enhancing their monitoring capabilities, leveraging technology to identify non-compliant apps more swiftly and effectively. This includes deeper collaboration with app store providers and telecommunication companies to cut off avenues for illegal operations.

Furthermore, there’s a growing emphasis on public awareness and financial literacy. By educating consumers about their rights and the dangers of unregulated platforms, regulators aim to empower individuals to make informed decisions and protect themselves. Campaigns highlighting the features of legitimate lenders versus predatory ones will become increasingly common, building a more resilient and informed borrowing public. This proactive stance has already shown results, with a noticeable 50% decrease in new harassment reports since the crackdown intensified (Source: TechCabal Insight).

Ultimately, the proactive stance of Nigerian regulators is about instilling confidence. By ensuring that digital lending operates within a robust framework of rules and protections, they are not only safeguarding consumers but also fostering sustainable growth for legitimate fintech companies. This commitment is vital for the long-term health and credibility of Nigeria’s digital economy, ensuring that innovation serves the people, rather than preying on their vulnerabilities.

Building a Trustworthy Ecosystem: The Role of Innovation and Regulation

The future of digital lending in Nigeria hinges on a delicate but crucial balance between innovation and regulation. While regulatory crackdowns are essential to curb illicit practices, they must also foster an environment where legitimate innovation can thrive. The goal is not to stifle technological advancement but to channel it towards building a trustworthy and inclusive financial ecosystem.

Innovation, particularly in fintech, has the power to bridge significant financial inclusion gaps in Nigeria, reaching underserved populations who lack access to traditional banking services. In fact, digital lending has helped reduce Nigeria’s financial exclusion rate by nearly 10% since 2018, reaching millions previously underserved (Source: CBN Financial Inclusion Report).

Digital lending, when done responsibly, can provide quick, accessible credit that fuels small businesses, supports education, and helps individuals navigate emergencies. Platforms like LendSafe, which prioritize transparent terms, fair assessments, and robust data security, exemplify how innovation can serve the public good.

However, this innovation must be anchored by strong, adaptable regulation. Effective regulation provides the necessary guardrails, preventing exploitation while encouraging responsible growth. It creates a level playing field, builds consumer trust, and attracts legitimate investment into the sector. The ongoing dialogue between regulators, fintech companies, and consumer advocacy groups will be critical in shaping policies that are both effective and forward-looking.

The journey towards a fully trustworthy digital lending ecosystem in Nigeria is a continuous one. It requires constant adaptation to new technologies and business models, vigilant enforcement, and a commitment to consumer education. By working collaboratively, stakeholders can ensure that digital lending remains a powerful tool for financial empowerment, ultimately contributing to Nigeria’s broader economic development and the well-being of its citizens. The era of unchecked digital lending is over; the future is about smart, safe, and regulated financial solutions.