FG approves 173 digital lending apps to operate in the country
By Ibidunni Banjoko
The Nigerian government via Federal Competition and Consumer Protection Commission (FCCPC) has approved 173 digital lending applications to operate in the country.
After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps. Out of the 173, 119 have full approvals and 54 have conditional approvals.
It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space.
After shifting its deadline multiple times, it finally adopted March 27, 2023, as the close of registration. The commission has now released a list of approved apps that can operate in the country. Companies without approvals will not be able to operate in the space.
Commenting on its effort against digital lending apps in August 2022, the FCCPC said, “In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework.
“This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending.”
List of approved loan apps are: Sycamore Integrated Solutions Limited, Trade Depot, Tajow Investment, Blue Ridge Microfinance Bank Limited, Grolatech Credit Limited, Branch International Financial Services Limited, P2vest Technology Limited, Creditwave Finance Limited, Keenest Tech Service Limited, Fairmoney Micro Finance Bank, Altracred Finance Investment Limited, Crevance Credit Limited, Menacred Company Limited, Afrowide Development Ltd, Red Planet Nigeria Limited, Afrofirst Mobile And Technology Company Limited, Rankcapital Limited, Ibs Golden Investment Company Limited, Lendvisery Services Limited, Renmoney Microfinance Bank Limited, Swipebill Technologies Nigeria Limited, Hometown Fintech Limited, Giasun Technology Nigeria Limited, Be Resources Limited, Rockit Lenders Nigeria Limited, Pivo Technology Limited, Yes Credit Company Limited, Irorun Technologies Limited, Csense Limited, Supreme Help Cooperative Society Limited, Orcom And Orcom Business Support Limited, Payhippo Limited. Easycheck Finance Investment Limited, Quark Financial Nigeria Limited, Edmond Solutions Company Limited, Ted Rocket Limited Penaid Limited, Arve Limited, Dover Credit Limited, Ragekay Global Investment Limited, Maywood Lending Limited, Linkpark Technology Nigeria Limited, Mangnet Lending Limited, Rubystar Global Limited, Bestfin Nigeria Limited, Fubri Century Company Limited, Berly Spring Global Limited, Rock Financials Limited, Phoenix Payment Solution Limited, Value Driver Technology Solution Limited, Nextpayday Limited, Blackcopper Service Limited, Trafalgar Associate Limited, Windville Financial Nigeria Limited, Orange Loan & Purple Credit Limited, Carbon Microfinance Bank Limited, Neo-Link Technology Company Limited, Finnew Fintech Limited, Otp Internet Technology Limited, Red Harbor Fintech Limited, Paylater Hub Limited, Skitloan Nigeria Limited, Raceova Nig. Limited, New Credage Nigeria Limited, Betterlending Company Limited, Fast-Point Integrated Limited, Apex Lending Limited, Piska Tech Nigeria Limited, Princep Credit System Limited, Omalend Service Limited, Pockful Finance Limited, Highcredit Nigeria Limited, Hollandale Nigeria Limited, Pay Financial Technology Service Limited, A1 Capital Solution Limited, Newedge Finance Limited, Papichou Technology Limited, Goharvest International Limited, Mino Sparks Limited, Xgo Finance Limited, Primera Microfinance Bank, Credit Tech Lending Company, Prosperity Archipelago Limited, Finesest Limited, Singularity Technology Nigeria Ltd, Econ Mart Fintech Limited, Pennee Technologies Limited, Oxymon Solution Limited, Lantana Technology Limited, Applink Capital Nigeria Limited, Yegon Tech Limited, Fezotech Nigeria Limited, Eric Vsta Limited, Moblaspay Company Limited, Paycredit Limited, Niz Services Limited, Mino Sparks Limited, Flo Wood Lending, Liberty Assured Limited, Uni Technology Nigeria Ltd, Trade Lenda Com Limited, Creditville Microfinance Bank Ltd, Letshego Microfinance Bank Ltd, Kiowope Capital Limited, Veendhq Limited, Ucplus Advance Limited, Maven Finance Limited, Aella Financial Solutions Limited, Fluna Capital Limited, Newedge Finance Limited, Ta Prime Limited, Regxta Global Service Ltd, Provest Limited, Jm Rubinus Limited, Crossroads E-Payment Systems Limited, Consynergy Limited, Fintcred Innovation Limited, Afrosay Fintech Limited, Mim Finance Company.
It would be recalled that the Federal Competition and Consumer Protection Commission (FCCPC), has asked Google and Apple to delete four loan apps from their stores. The FCCPC said the loan apps engaged in unethical practices against its laid down procedures. The affected apps include Maxi Credit, Here4U, Chacha and SoftPay.
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