Central Bank of Nigeria Reveals List of Loan Apps to Avoid

The Central Bank of Nigeria (CBN) has recently spotlighted a comprehensive list of loan applications that consumers should steer clear of.

Among the apps flagged for various concerns ranging from regulatory compliance issues to consumer privacy concerns are notable names such as EasyCredit, EasiMoni, KashKash, and GoCash. Other apps like Soko Loan App, Fast Money, and GetCash also find themselves on this cautionary list, indicating the broad scope of the CBN’s review process.

The list further includes a variety of other loan services such as the Speedy Choice, Icoin Loan, Naira Plus, and several others that have been deemed necessary for public awareness. LionCash, GMoney, and 9credit, alongside Swiftkash App and Hen Credit Loan App, are among the many digital lending platforms that the CBN advises consumers to approach with caution or avoid altogether.

Moreover, apps like Joy Cash-Loan App, Eaglecash App, and Luckyloan Personal Loan App have been identified, alongside newer or less familiar names such as Easeloan Apps, Naira Naija, and Cashlawn App. The list is extensive, covering a range of services that promise quick loans but may not meet the regulatory standards set by the CBN or may engage in practices detrimental to consumer rights.

Digital platforms like Imoney, Xcredit, Nownowmoney, and Spark Credit, among others, are also part of this advisory, indicating the broad net the CBN has cast in its effort to safeguard financial consumers in Nigeria. This move is seen as a step towards cleansing the burgeoning digital loan sector, ensuring that only entities that uphold transparency, fairness, and respect for consumer privacy remain operational.

Consumers are advised to be vigilant and to conduct thorough due diligence before engaging with any financial service provider, especially within the digital loan space.