FCCPC approves 173 digital loan Apps, bars illegal loan apps [FULL LIST]

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.

Babatunde Irukera, CEO FCCPC

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.

Read also: FCCPC’s Babatunde Irukera orders loan sharks to desist from compounding interests

Here is the complete list of 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

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