FG Approves 173 Loan Apps in Nigeria and Bans Illegal Online Banking Operations

The Federal Competition and Consumer Protection Commission (FCCPC) has approved 173 digital lending applications to operate in Nigeria. The approvals include 119 full approvals and 54 conditional approvals.

FCCPC Releases Interim Regulatory and Registration Framework for Digital Lending

The FCCPC released a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending in 2022 to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space. The commission adopted March 27, 2023, as the close of registration after shifting its deadline multiple times.

List of Approved Loan Apps in Nigeria Released by FCCPC

The FCCPC has released a list of approved loan apps that can operate in Nigeria. Some of the approved loan apps include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, Creditwave Finance Limited, amongst others.

Register Email for Complete List

Voiceofnigeria is offering a free registration to access the complete list of approved loan apps in Nigeria released by FCCPC. By registering with voiceofnigeria, individuals can stay up-to-date on the latest developments and ensure that they are only dealing with loan apps that have received official approval from FCCPC. This is a great opportunity for anyone who wants to make informed decisions about digital lending in Nigeria.

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Illegal Online Banks Barred from Operating in Nigeria

Companies without approvals from FCCPC will not be able to operate in the digital lending space. Loans without the FCCPC’s approval will be removed from the Play Store by Google and unavailable for download.

Joint Regulatory and Enforcement Task Force Against Digital Lending Apps in Nigeria

In August 2022, the Joint Regulatory and Enforcement Task Force 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 to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers.

Google Play Mandates Conformance to Regulatory Rules for Digital Money Lenders in Nigeria

Google Play updated its Developer Program Policy in November, requiring digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya to comply with regulatory rules. The policy was set to take effect on January 31, 2023.