The Federal Competition and Consumer Protection Commission (FCCPC) has approved a total of 173 digital money lenders, also known as loan apps, to operate in Nigeria. The registration of the companies closed on March 27, with 119 of them granted full approval and 54 still with conditions attached to their approval.
Background
The FCCPC, in collaboration with the Joint Task Force, created the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians. The disturbing activities of illegal loan apps in the country, including rights violations and unfair practices, also necessitated the need for registration.
Consequences
All unregistered loan apps in Nigeria will be removed from the Play Store by Google following the completion of the registration. Google had earlier issued an update to all loan apps in Nigeria to provide an approval document from the FCCPC, with the initial deadline set on January 31, 2023, before it was shifted to March 27.
List of approved digital money lenders
Here is a list of the digital money lenders approved by the FCCPC:
FCCPC list Full Approval:
- A1 Capital Solution Limited
- Aella Financial Solutions Limited
- Afrofirst Mobile And Technology Company Limited
- Afrosay Fintech Limited
- Afrowide Development Ltd
- Altracred Finance Investment Limited
- Apex Lending Limited
- Applink Capital Nigeria Limited
- Arve Limited
- Be Resources Limited
- Berly Spring Global Limited
- Bestfin Nigeria Limited
- Betterlending Company Limited
- Blackcopper Service Limited
- Blue Ridge Microfinance Bank Limited
- Branch International Financial Services Limited
- Carbon Microfinance Bank Limited
- Consynergy Limited
- Credit Tech Lending Company
- Creditville Microfinance Bank Ltd
- Creditwave Finance Limited
- Crevance Credit Limited
- Crossroads E-Payment Systems Limited
- Csense Limited
- Dover Credit Limited
- Easycheck Finance Investment Limited
- Econ Mart Fintech Limited
- Edmond Solutions Company Limited
- Eric Vsta Limited
- Fairmoney Micro Finance Bank
- Fast-Point Integrated Limited
- Fezotech Nigeria Limited
- Finnew Fintech Limited
- Fintcred Innovation Limited
- Flo Wood Lending
- Fluna Capital Limited
- Fubri Century Company Limited
- Giasun Technology Nigeria Limited
- Goharvest International Limited
- Grolatech Credit Limited
- Highcredit Nigeria Limited
- Hollandale Nigeria Limited
- Hometown Fintech Limited
- Ibs Golden Investment Company Limited
- Irorun Technologies Limited
- Jm Rubinus Limited
- Keenest Tech Service Limited
- Kiowope Capital Limited
- Lantana Technology Limited
- Lendvisery Services Limited
- Letshego Microfinance Bank Ltd
- Liberty Assured Limited
- Limited Finesest Limited
- Linkpark Technology Nigeria Limited
- Magnet Lending Limited
- Maven Finance Limited
- Maywood Lending Limited
- Menacred Company Limited
- Mim Finance Company
- Mino Sparks Limited
- Mino Sparks Limited
- Moblaspay Company Limited
- Neo-Link Technology Company Limited
- New Credage Nigeria Limited
- Newedge Finance Limited
- Newedge Finance Limited
- Nextpayday Limited
- Niz Services Limited
- Omalend Service Limited
- Orange Loan & Purple Credit Limited
- Orcom And Orcom Business Support Limited
- Otp Internet Technology Limited
- Oxymon Solution Limited
- P2Vest Technology Limited
- Papichou Technology Limited
- Pay Financial Technology Service
- Paycredit Limited
- Payhippo Limited
- Paylater Hub Limited
- Penaid Limited
- Pennee Technologies Limited
- Phoenix Payment Solution Limited
- Piska Tech Nigeria Limited
- Pivo Technology Limied
- Pockful Finance Limited
- Primera Microfinance Bank
- Princep Credit System Limited
- Prosperity Archipelago
- Provest Limited
- Quark Financial Nigeria Limited
- Raceova Nig. Limited
- Ragekay Global Investment Limited
- Rankcapital Limited
- Red Harbor Fintech Limited
- Red Planet Nigeria Limited
- Regxta Global
- Renmoney Microfinance Bank Limited
- Rock Financials Limited
- Rockit Lenders Nigeria Limited
- Rubystar Global Limited
- Service Ltd
- Singularity Technology Nigeria Ltd
- Skitloan Nigeria Limited
- Supreme Help Cooperative Society Limited
- Swipebill Technologies Nigeria Limited
- Sycamore Integrated Solutions Limited
- Ta Prime Limited
- Tajow Investment
- Ted Rocket Limited
- Trade Depot
- Trade Lenda Com Limited
- Trafalgar Associate Limited
- Ucplus Advance Limited
- Uni Technology Nigeria Ltd
- Value Driver Technology Solution Limited
- Veendhq Limited
- Windville Financial Nigeria Limited
- Xgo Finance Limited
- Yegon Tech Limited
- Yes Credit Company Limited
FCCPC list Conditional Approval
Meanwhile, the following companies were granted conditional approval and will need to fulfill additional conditions to be granted full approval:
- Agro-Alied Services Limited
- Aileron Business Solutions Limited
- Alaton E-Technologies Limited
- Aot Technologies Limited
- Avi Financial Limited
- Bequeath Group
- Billybillionaire Limited
- Black Mane Technology
- Bluecheque Limited
- Bridge Together Limited
- Calgrove Fintech Limited
- Chapulu Limited
- Cittar Ventures Limited
- Credsman Limited
- Dewarimay Technologies Limited
- Digiloanz Limited
- Ecash Multilinks Limited
- Eliezer Microfinance Bank
- Empreservices Limited
- Fednet Microfinance Bank Limited
- Fingers Inc
- Firefly Microfinance Bank Limited
- Flocash Nigeria Limited
- Fund Advance Limited
- Gallery Advance Limited
- Genesis Lever
- Genie Technologies Limited
- Getajobng Services Limited
- Hicredit Investments Limited
- Homzytechnology Limited
- Innovative Investment Services Limited
- Insureafrika.Com Limited
- Interswitch Fintech
- Kashnarte Technologies
- Kofana Bright Capital
- Kopa Limited
- Kash Kash Technology
- Magna Remittance
- Mantra Capital Limited
- Millard Fuller Foundation
- Money Plant Limited
- Moneyhive Limited
- Mysafetynet Services Limited
- Nbf Microfinance Bank Limited
- Nicevibe International Limited
- Octosense Technology Limited
- Oneroof Technologies Limited
- Online Hubng Limited
- Oxford Commercial Services
- Payabit Global Limited
- Paycollect Global Limited
- Payday Investment Limited
- Paystack Payments Limited
- Pulse Financial Services Limited
- Qwickfunds Financial Services Limited
- Quickcheck Technology Limited
- Randani Technologies Limited
- Repute Global
- Resolve Microfinance Bank Limited
- Rogue Finance Limited
- Seamfix Nigeria Limited
- Slot Systems Limited
- Smedan Limited
- Smileville Nigeria Limited
- Smilewise Nigeria Limited
- Spokes Lending Company Limited
- Suntrust Microfinance Bank Limited
- Sutechs Global Limited
- Tambanz Solutions Limited
- The Ngexchange Limited
- Tinyvilla Microfinance Bank
- Tradex Microfinance Bank Limited
- Transsnet Financial Nigeria Limited
- Tribe Square Limited
- Ultra Trust Finance Limited
- Vixmart Technologies Limited
- Wawooh Money Limited
- Wealthier Homes Limited
- Wescove Fintech Limited
- Wise Tech Communication Limited
- Worldpay Technologies Limited
Loan app registration for safer lending practices
The need for loan apps registration was prompted by various allegations of rights violations and unfair practices against some of the digital lending companies operating in Nigeria. The FCCPC has also been working on a framework and guidelines for digital lending in Nigeria in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
With the registration of these companies, consumers can have more confidence in the loan apps they use, as they have been approved by a government agency tasked with ensuring their compliance with regulations and ethical business practices. The removal of unregistered loan apps from the Play Store
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