The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria.
However, only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval.
The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country, an exercise targeted at tackling the menace of unlicensed loan apps, otherwise known as loan sharks.
The Commission 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: The guidelines require digital lenders to register with the FCCPC and complete two forms (Form DLG 001 and Form DLG 002).
Form DLG OO1 is the registration form that requires the applicant company to provide identification and operational information to the FCCPC, while Form DLG 002 contains declarations relating to:
- Legitimacy;
- Compliance with applicable regulatory requirements;
- Lawful source of funds and conformity with anti-money laundering; and
- Data protection laws.
While the Commission had last year given all the digital money lenders 90 days to comply with these guidelines, it later extended the deadline which expired on November 14, 2022, to January 31, 2023.
Recommended reading: Registering your Nigerian Digital Lending Startup with the FCCPC
Approved money lenders: Below is a list of the 49 digital money lenders that have secured full approval from the FCCPC-
- 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
- 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 LIMITED
- 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
Conditional approvals: The following companies have secured conditional approvals from the Commission, meaning that they still have some requirements to meet before they can get the 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
So what of those ones in playstore: they should be removed so that they can be replaced with the approved ones
I am having a terrible experience with one called Nairapool, I never requested for a loan and they got my account credited with 9,300. I contacted them immediately to provide an account where I can immediately return the money back but they didn’t respond, after 7 days they are asking me to pay the due loan and I responded that I am not paying a dime, but the money 9,300 that was sent to my account which I did. Just yesterday They threatened to tarnish my image and they are contacting my contacts and telling them that I am a ritualist, that I deal on human parts and used pads. Hmmm! Very serious matter but I still insist that I am not paying the interest because I never requested for any loan.
I’ve heard similar experience..
What about Palm Store? Some of this unlicensed loan apps are using it after they have been banned from Play Store.
Good eveving to whom it may concern. Better lending App did an autodebit on My account,after i have paid them ,I have been calling them,they have refuse to refund my money, so.please if there’s any assistance that you can render pls do.Thank you.
Is there any regulation for these apps? You should not just license them without regulation with the way they threaten to tarnish people’s image.
How safe is your BVN with them?
How about Flypay and Swiftkash?