By 
The Federal Government, acting through the Federal Competition and Consumer Protection Commission (FCCPC), has unveiled a new list featuring 154 digital lenders that have received full approval to operate within the country. Alongside these, 40 lenders received conditional approval, 20 were placed under watch, and nine applications were delisted.
Furthermore, the Central Bank of Nigeria has granted licenses to four entities, namely Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited, to operate as digital money lenders.
This announcement comes on the heels of a recent overhaul of the digital money lending sector by the FCCPC. The move followed complaints about the relentless harassment of Nigerian borrowers by these lenders. The FCCPC’s decision also followed a directive that gave digital money lenders a five-day window to demonstrate compliance with the commission’s established guidelines.
Earlier, the FCCPC had directed Google to remove 18 digital lending applications from its Play Store due to their reported harassment of Nigerian borrowers.
Approved loan applications now include popular names like Clan, Nextpayday, Palmcredit, Flypay, Paylater, Moneypal, Goloan, Sycamore, Branch Mobile, Fairmoney, Regxta, Carbon, and more.
Applications granted conditional approval encompass Soko Loan, Creditmoney, Lucred, Altara, Rivermoney, Indicina Loan, Growly, Kwaba, Helppo, and others.
Meanwhile, applications under FCCPC’s watchlist comprise Getloan, Camelloan, Joy Cash-Loan up to 1,000,000, Nairaloan, Moneytree Finance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Crediting, and Hen Credit Loan (Orange Loan and Purple Credit Ltd.).
The list of delisted applications, i.e., unapproved loan apps, includes Wiftkash, Hen Credit Loan, Cash Door, Joy Cash-Loan up to 1,000,000, Eaglecash, Luckyloan Personal Loan, Getloan, Easeloan, Xgo Finance Limited (Xcredit, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash).
The FCCPC emphasized that only digital money lenders registered under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 are eligible to operate within the country.
Comments