FG Approves 173 Lending Apps; Bars Illegal Digital Banks

The Federal Government has announced it has approved 173 digital lending applications to operate in Nigeria.

According to the Federal Competition and Consumer Protection Commission (FCCPC), it has given conditional authorisations to 54 loan applications while 119 got full approvals.

The move by the FCCPC comes after years of harassment and cyber bullying that some loan app companies have reportedly unleashed on Nigerians.

The agency released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to control the digital lending market and make registration and approval a requirement for companies seeking to operate in the space.

The commission on Tuesday April 4, released a list of approved apps that can operate in the country. Companies without approvals will not be able to operate in Nigeria.

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, Creditwave Finance Limited amongst others.

Loans without the FCCPC’s approval will be removed from Play Store by Google and unavailable for download.

In November, Google Play declared updates to its Developer Program Policy, which mandated that digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya must conform to regulatory rules.