Economy

Loan Apps: Approved FCCPC Digital Money Lenders [2023 Latest list]

Published

1 year ago

2023/01/24

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: