BABATUNDE IRUKERA, CEO OF FCCPC, UNVEILS NEW REGULATIONS FOR DIGITAL LENDERS IN NIGERIA

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The Federal Competition and Consumer Protection Commission (FCCPC) has unveiled a fresh list of 154 fully approved digital lenders licensed to function within the nation. Alongside this, it granted conditional approval to 40 others, identified 20 for close monitoring, and removed nine apps from its approved list. Notably, the Central Bank of Nigeria has granted licenses to Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited.

The decision to announce these approved digital lenders came after the FCCPC’s recent overhaul of the digital money lending sector. This move was prompted by complaints of ongoing harassment of Nigerians by lending platforms. Furthermore, the commission imposed a five-day deadline for digital money lenders to demonstrate compliance with its set regulations.

Earlier, the FCCPC had urged Google to remove 18 digital lenders from Playstore due to their harassment of Nigerians.

Apps that received conditional approvals are Soko Loan, Creditmoney app, Lucred app, Altara app, Rivermoney app, and Indicina loan app, among others. Apps on the FCCPC’s watchlist include 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 from Orange Loan and Purple Credit Ltd. Other apps on the list are Nut Loan, Cash Door, Cashpal, Nairaeasy Gist Loan, Secucash, Creditbox-africa, Switfcash, Swiftkash app, and Eagle Cash app

The list of apps that have been delisted (i.e., unapproved loan apps) includes Wiftkash app, Hen Credit Loan App, Cash Door app, Joy cash-loan up to 1,000,000 app, Eaglecash app, Luckyloan Personal loan app, Getloan app, Easeloan apps, and 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 permitted to operate within the country.

 

 

 

 

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