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:
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.
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
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
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
SUPREME HELP COOPERATIVE SOCIETY LIMITED
ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
EASYCHECK FINANCE INVESTMENT LIMITED
QUARK FINANCIAL NIGERIA LIMITED
EDMOND SOLUTIONS COMPANY LIMITED
TED ROCKET 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-