Ahead of the March 27, 2023 deadline for the registration of digital money lenders popularly known as loan apps, the Federal Competition and Consumer Protection Commission (FCCPC) said a total of 131 companies have been registered and given the approval to operate in the country.
This figure was recorded as of February 28, according to the Commission’s database. However, only 92 of the 131 companies have secured full approval, while the remaining 39 secured conditional approval.
As of January 23, 2023, Nairametrics reported that a total of 49 companies had secured full approval while 45 got conditional approval, which brought the total registered digital lenders to 94.
Registration closes March 27: Barring further extension by the Commission, the ongoing registration of all digital money lenders in the country ends by March 27, 2023. The Commission said it came up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
- The FCCPC had last year given all the digital money lenders 90 days to get registered in compliance with its guidelines, it later extended the deadline which expired on November 14, 2022, to January 31, 2023.
- Based on the collaboration between the Commission and Google, the company also released a new policy guideline requiring all loan apps operating in Nigeria to provide an approval document from the FCCPC or risk being removed from the platform effective from January 31, 2023.
- The Commission, however, in January shifted the deadline again to March 27, noting that “several DMLs have not yet provided all relevant documentation to complete their registration process.” In line with the new deadline, Google is also allowing unregistered loan apps to continue to operate until March 27.
The list of approved money lenders are:
- 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
- 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
- ROCK FINANCIALS LIMITED
- PHOENIX PAYMENT SOLUTION LIMITED
- AFROWIDE DEVELOPMENT LIMITED
- RED PLANET LIMITED
- VALUE DRIVER TECHNOLOGY SOLUTION LIMITED
- NEXTPAYDAY LIMITED
- BLACKCOPPER SERVICE LIMITED.
- TRAFALGAR ASSOCIATE LIMITED.
- WINDVILLE FINANCIAL NIGERIA LIMITED.
- ORANGE & PURPLE CREDIT LIMITED.
- CARBON MICROFINANCE BANK LIMITED.
- NEO-LINK TECHNOLOGY COMPANY LIMITED.
- FINNEW FINTECH LIMITED.
- OTP INTERNET TECHNOLOGIES.
- RED HARBOR FINTECH LIMITED.
- PAYLATER HUB LIMITED
- SKITLOAN NIGERIA LIMITED
- RACEOVA NIG. LIMITED
- NEW CREDAGE NIGERIA LIMITED
- BETTERLENDING COMPANY LIMITED
- FAST-POINT INTERGRATED 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
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
- FEZOTECH NIGERIA 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
- AELLA FINANCIAL SOLUTIONS LIMITED
- U TECHNOLOGY
- STELLAR FINANCE LIMITED
- DASH INNOVATIONS
- GRIT-TECH LIMITED
- FLOWOOD LENDING LIMITED
- CAELUM TECHNOLOGIES LIMITED
- NIZ SERVICES LIMITED
- UNTHINKING NIGERIA LIMITED
- EATON HILL INVESTMENT LIMITED
- REGXTA GLOBAL SERVICES LIMITED
- CREDITPRO BUSINESS SUPPORT SERVICES LTD
- MUSKA TECH LIMITED
- UC PLUS ADVANCE LIMITED
- HELPPO AFRICA LIMITED
- RENNERS INVESTMENT LIMITED
- PEBBLE FINANCIAL TECH. LIMITED
- KIAKIA BITS LIMITED
- WEALTHBRIDGE CAPITAL PARTNERS LIMITED
- TRIVISTA CAPITAL LIMITED
According to the FCCPC, those with conditional approval still have some requirements to meet before they can get the full approval.
what do I need to start the lending company