The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria recently announced that it has added 119 digital money lenders and loan apps to its approved list. This move comes after the FCCPC gave a deadline of March 27, 2023, for all companies to register with them. Failure to do so would result in Google delisting their apps from its Play Store unless they provide proof of approval certification from the FCCPC.
The FCCPC has explained that it developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending of 2022 in partnership with the Joint Task Force (JTF) to promote transparency, fairness, and beneficial alternatives to lending opportunities in Nigeria.
FCCPC’s Decision Explained
The FCCPC has taken this action due to the proliferation of illegal loan apps in Nigeria, which have resulted in consumers reporting rights violations and practices. Findings have shown that the interest rates charged by loan apps violate lending ethics. In addition, these loan apps engage in public humiliation of defaulters and privacy violations.
The addition of 119 digital money lenders and loan apps to FCCPC’s approved list is a positive step towards promoting transparency and fairness in digital lending in Nigeria. With the delisting of unregistered apps from the Play Store, consumers can be confident that the loan apps they use are legitimate and adhere to ethical lending practices. This move by the FCCPC will also help to protect consumers from sharp practices which have become rampant in the lending industry.
Business owners in Nigeria can now feel more confident about using these loan apps and lenders to access funding for their businesses. The delisting of unregistered loan apps from the Google Play Store will also protect business owners from the proliferation of illegal loan apps that charge exorbitant interest rates and privacy violations.
Overall, the FCCPC’s actions will promote transparency and fairness in the lending industry, which is crucial for business owners in Nigeria. With legitimate and ethical lending options available, businesses can access the funding they need to grow and thrive without fear of being exploited by unscrupulous loan apps and lenders.
List of approved loan apps
- 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 Bussiness 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 Intergrated 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
- Trafalgar Associate Limited