Unregistered Loan Apps in Nigeria resort to APK distribution after FCCPC removes 47 from Play Store

Unregistered Loan Apps in Nigeria resort to APK distribution after FCCPC removes 47 from Play Store

Despite the ongoing clampdown by the Federal Competition and Consumer Protection Commission (FCCPC), several unregistered loan apps have found a way to continue their operations in Nigeria through Android Package Kit (APK) distribution. As of May 2024, the FCCPC has delisted 47 of these unregistered apps from the Google Play Store. However, investigations reveal that many of these apps persist in reaching their target customers by bypassing official app stores and distributing their software directly as APK files. The APKs are shared in the form of a link which once clicked takes the user to a file to download an app not listed on any app store. However, despite the Federal Competition and Consumer Protection Commission's (FCCPC) efforts to regulate the digital lending space in Nigeria, harassment and defamation of borrowers by loan apps continue unabated. The Chairman of the Money Lenders Association, Mr. Gbemi Adelekan, attributes these unethical practices primarily to unregister…

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Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

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