Consumer Agency Approves 94 Money Lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has given approval to 94 companies to operate as digital money lenders in Nigeria.

The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country.

The exercise, according to it, is targeted at tackling the menace of unlicensed loan apps, otherwise known as loan sharks.

While 49 of the digital lenders were given full approval, the other 45 got conditional approval and still have some requirements to meet before they can get the full approval.

The FCCPC said it came up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.

The guidelines, according to the commission, require digital lenders to register with the FCCPC and complete two forms; Form DLG OO1 which requires the applicant company to provide identification and operational information to the FCCPC, and Form DLG 002, which contains declarations relating to: Legitimacy; Compliance with applicable regulatory requirements; Lawful source of funds and conformity with anti-money laundering; and Data protection laws.

The 49 digital money lenders that got full approval 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; and Fairmoney Micro Finance Bank among others.

Companies that secured conditional approval from the Commission include Trippdbase Limited; Blackcopper Service; Owoafar Fintech Service; Paylater Hub; Windville Financial Nigeria Limited; Afrofirst Mobile And Technology Company Limited; Orcom And Orcom Business Support Limited; Otp Internet Technology Ltd; Red Harbor Fintech Limited; and Beryl Spring Global Limited.