The Federal government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has approved 173 digital…
![FCCPC approves 173 digital lending platforms, bars illegal loan apps [FULL LIST]](https://academy-public.coinmarketcap.com/srd-optimized-uploads/be3503ae2dbb49288c088235093b09c4.png)
The Federal government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has approved 173 digital lending platforms to operate in the country.
Of the 173 apps, 119 have full approvals, and 54 have conditional approvals. The registration and approval process of lending platforms by the FCCPC aims to protect Nigerians from many unguided atrocities. Many Nigerians have reported incessant harassment from these loan apps.
Subsequently, the commission released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space.
It adopted March 27, 2023, as the final day for registration after repeatedly moving the deadline. A list of apps that are allowed to operate in the nation has now been made public by the commission. Companies without approval won’t be allowed to operate in the space.
Commenting on its effort against digital lending apps in August 2022, the FCCPC said, “In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework.”
“This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending.
The guidelines also mandate different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.”
In accordance with the release, loan apps without the FCCPC’s approval will be removed from Play Store by Google and unavailable for download.
Some of the approved loan apps listed by the commission include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited, amongst others.
The move is expected further to improve the regulatory environment for digital lending in Nigeria and reduce the unnecessary swamp of loan apps in the market, which has become notorious for their operations, which are sometimes unethical.
Here is the complete list:
Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?
FCCPC’s fully approved 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 INTEGRATED 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
Conditional Approval
- TRIPODBASE LIMITED
- OWOAFARA FINTECH SERVICE
- AJAX LENDING LIMITED
- THE PLATFORM DIGITAL NETWORK LIMITED
- ZIPPY CAPITAL LIMITED
- LENDING EDGE LIMITED
- LENDHA TECHNOLOGIES LIMITED
- DOJA LEMAIRE GLOBAL LIMITED
- PAYDAYHUB ONLINE NIGERIA LIMITED
- RETAIL BOOSTER LIMITED
- CITADELE CAPITALS LIMITED
- FEWCHORE FINANCE COMPANY LIMITED
- ONE PAYOUT LIMITED
- LIDYA GLOBAL LIMITED
- KWABA INTERNATIONAL LIMITED
- FINPADI TECHNOLOGIES LIMITED
- UMBA DIGITAL SOLUTIONS LIMITED
- FINTRADE SOLUTIONS LIMITED
- U TECHNOLOGY
- STELLAR FINANCE LIMITED
- DASH INNOVATIONS
- GRIT-TECH LIMITED
- CAELUM TECHNOLOGIES LIMITED
- U THINKING NIGERIA LIMITED
- EATON HILL INVESTMENT LIMITED
- CREDITPRO BUSINESS SUPPORT SERVICES LTD
- MUSKA TECH LIMITED
- HELPPO AFRICA LIMITED
- RENNERS INVESTMENT LIMITED
- PEBBLE FINANCIAL TECH. LIMITED
- KIAKIA BITS LIMITED
- WEALTHBRIDGE CAPITAL PARTNERS LIMITED
- TRIVISTA CAPITAL LIMITED
- ATIMI LENDING LTD
- ZUVY TECHNOLOGIES LIMITED
- ROCKSHIELD MICROFINANCE
- DOT MICROFINANCE BANK LIMITED
- ALLAWEE TECHNOLOGIES LIMITED
- LUCRED TECHNOLOGY LIMITED
- NOLT FINANCE LIMITED
- SOKO LENDING LIMITED
- CITYGATE GLOBAL INVESTMENT LIMITED
- OLIVERMEAD INVESTMENT LIMITED
- LIGHTING FINANCE TECHNOLOGY NIGERIA LIMITED
- MENO FINANCE LIMITED
- HOIL INVESTMENT LIMITED.
- KIREDI ROCK COMPANY LTD
- GLOSH TECH LIMITED
- CLEMO FRESH CO. LTD
- PASSECO TECHNOLOGY NIG. LTD
- TRUST CEN LIMITED
- RIVERBANK PARTNERS LIMITED
- PRIME AVIS INVESTMENT SERVICES LIMITED
- RIVERBRAND TECHNOLOGY LIMITED
In November, Google Play announced updates to its Developer Program Policy, which mandated that digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya conform to regulatory rules.
In February 2023, the Nigeria Data Protection Bureau revealed that a national committee of federal agencies was working in tandem to clip the activities of illegal loan apps in the country.
Following the implementation of its new policy, which mandates that digital lenders in the East African nation of Kenya provide evidence of a license, Google removed hundreds of loan apps from the Kenyan Play Store in March, TechCrunch reports