Because most Nigerians have limited access to credit facilities and their country's economy is deteriorating, they are nonetheless susceptible to the unscrupulous practices of these predatory loan apps.
Google Play announced changes to its Developer Program Policy on November 16, 2022, requiring DMLs in Nigeria to adhere to FCCPC regulations and furnish Google Play with documentation demonstrating their compliance.
It hasn't, however, done much to stop the unprecedently rapid proliferation of illicit lending apps. Loan apps are still being delisted by FCCPC.
Even when the FCCPC removed up to 37 loan applications, more keep appearing. Since most Nigerians cannot get loans from regular financial institutions, there is no end in sight.
Until FG does what is right , the loan apps aren’t going away .
ReplyDeleteFGN should not remove such loan schemes without crating a better and reliable alternative. If they do that in a hurry then society should expect higher rate and increase in crime .
ReplyDeleteThese loan App charges are ridiculous.
ReplyDeleteIf the government bans them today, millions of Nigerian will be grateful..
I love your terms service
ReplyDeleteAnthony N Njoku