Is Swiftkash still working in Nigeria?

While the Swiftkash website and app might still be accessible as of February 15, 2024, it’s crucial to understand that they are not operating legally in Nigeria. Here’s a comprehensive breakdown of the situation:

Official Status:

• Delisted by FCCPC: In September 2023, the Federal Competition and Consumer Protection Commission (FCCPC) delisted Swiftkash, along with 36 other loan apps, from their list of approved lenders. This means they don’t have the legal authorization to operate in the country.
• Not on Approved List: The FCCPC regularly updates a list of approved loan apps in Nigeria. As of today, February 15, 2024, Swiftkash is not on this list, solidifying its illegal status.

Potential Risks:

• Unregulated Practices: Since Swiftkash operates outside the regulatory framework, there’s no guarantee of fair borrowing practices. This could lead to issues like exorbitant interest rates, hidden fees, and aggressive debt collection tactics.
• Financial Security Concerns: Using an unauthorized app involves inherent risks to your financial information and data security. Their practices might not comply with data protection regulations, potentially endangering your personal details.
• Legal Repercussions: Engaging with an illegal platform could have legal consequences in the future. For instance, the authorities might take action against borrowers associated with unauthorized lenders.

Alternatives:

• Approved Loan Apps: The FCCPC’s website provides a comprehensive list of authorized loan apps in Nigeria. Using these platforms ensures you’re dealing with legitimate lenders operating within the legal framework.
• Traditional Banks and Financial Institutions: Consider exploring regulated financial institutions like banks and credit unions for loan options. While interest rates might be higher, the transparency and legal protection offered outweigh the risks involved with illegal lenders.

Recommendation:

Avoid using Swiftkash or any loan app not found on the FCCPC’s approved list. Opt for authorized lenders to safeguard your financial well-being and avoid potential legal or security issues. Remember, prioritizing responsible borrowing practices and utilizing legitimate channels is crucial for your financial safety.

Additional Resources:

• Full list of approved loan apps in Nigeria: https://querify.info/full-list-of-approved-loan-apps-in-nigeria-2024/
• FCCPC website: https://fccpc.gov.ng/
• News article about FCCPC delisting Swiftkash: https://www.vanguardngr.com/2023/04/fg-approves-173-lending-apps-bars-illegal-digital-banks/

By staying informed and making informed choices, you can navigate the financial landscape in Nigeria securely and responsibly.