The operations of 94 businesses as digital money lenders in Nigeria have been authorized by the Federal Competition and Consumer Protection Commission (FCCPC).
Only 49 digital lenders, however, received full certification, and the other 45 received conditional approval.
The Commission provided this information in a report on its ongoing effort to register digital money lenders nationwide to combat the problem of unregulated loan apps, sometimes known as loan sharks.
According to the Commission, the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending were developed in conjunction with the Joint Task Force (JTF) to support equitable, open, and advantageous alternative lending possibilities for Nigerians.
The rules mandate that online lenders sign up with the FCCPC and complete two forms (Form DLG 001 and Form DLG 002).
Form DLG OO1 is the registration document the applicant corporation must provide to the FCCPC, with proof of identity and operating data. In contrast, Form DLG 002 contains declarations regarding the following:
- Legitimacy
- Compliance with applicable regulatory requirements
- Lawful source of funds and conformity with anti-money laundering
- Data protection laws.
All digital money lenders were granted 90 days by the Commission last year to comply with these rules; however, the Commission later extended the deadline, which was set to expire on November 14, 2022, to January 31, 2023.
A list of 49 digital money lenders that have received full clearance from the FCCPC is shown below.
- 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 Investiment Limited
- Crevance Credit Limited
- Menacred Company Limited
- Afrowide Development Ltd
- Red Planet Nigeria Limited
- Afrofirst Mobile And Technology Company Limited
- Rankcapitals Limited
- Ibs Golden Investment Company Limited
- Lendvisery Services Limited
- Creditwave Finance 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 Limied
- Yes Credit Company Limited
- Fubril Century Limited
- Irorun Technologies Limited
- Csense Limited
- Supreme Help Cooperative Society Limited
- Orcom And Orcom Bussiness Suport 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
The following digital lenders have received conditional approvals from the Commission, which means they still need to fulfil a few conditions before they can receive full approval:
- 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
- Beryl Spring Global Limited
- Hometown Fintech Limited
- Ajax Lending Limited
- Raceova Nig. Limited
- Lantana Technology Limited
- The Platform Digital Network Limited
- Zippy Capital Limited
- Neo-Link Technology Limited
- Tripobase Limited
- Bestfin Nigeria Limited
- Pocketfuel Finance Limited
- Lending Edge Limited
- Ted Rocket Limited
- Penaid Limited
- Altara Credit Limited
- New Credage Nigeria Limited
- Lendha Technologies Limited
- Doja Lemaire Global Limited
- Paydayhub Online Nigeria Limited
- Retail Booster Limited
- Finnew Fintech Limited
- Fezotech Nigeria Limited
- Orange Loan & Purple Credit Limited
- Citadele Capitals Limited
- Fewchore Finance Company Limited
- A1 Capital Solution Limited
- One Payout Limited
- Linkpark Technology Nigeria Limited
- Lidya Global Limited
- Phoenix Payment Solutions Limited
- Red Planet Nigeria Limited
- Kwaba International Limited.
- Maywood Lending Limited.
- Princeps Credit System Limited
- Linkpark Technology Nigeria Limited
- Finpadi Technologies Limited
Disclaimer
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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