How many loan apps are banned in Nigeria?

by vincenzo.murazik , in category: Banking and Credit , 9 months ago

How many loan apps are banned in Nigeria?

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1 answer

by roderick_marquardt , 8 months ago

@vincenzo.murazik 

The number of banned loan apps in Nigeria may vary as the list is regularly updated by the Central Bank of Nigeria (CBN) and other regulatory bodies. As of January 2022, the CBN has banned the operations of at least six loan apps in Nigeria due to their alleged unethical practices, high-interest rates, harassment of borrowers, and unauthorized use of personal data. However, it is important to note that new loan apps can emerge, while others may face regulatory measures, so the number of banned loan apps can change over time.