Federal Competition and Consumer Protection Commission, FCCPC under the Federal Ministry of Trade and Investment has assented to 94 online loan applications for operation in Nigeria.
Investors King reports that out of the 94 approved digital money lender companies in Nigeria, 49 companies were fully approved while the other 45 firms were issued conditional approval.
Google, in November 2022 threatened in its new policy to delete all unlicensed Nigerian loan apps from the Google play store by January 31, 2023, Investors King recalls.
Every loan app is required to tender their documents from the FCCPC which is saddled with the responsibility of safeguarding the interest and ensuring the well-being of consumers.
According to the FCCPC update on the registration of online loan applications which is still ongoing, the licensing is necessary to curb the menace of extortion by loan sharks.
The Commission explained that the regulatory framework and guidelines for the digital lenders companies were earmarked in partnership with the Joint Task Force (JTF) aimed at ensuring fairness and advantageous alternative lending opportunities for the citizens.
In the Commission’s laid down guidelines, the lending company will register with the FCCPC and fill two forms– Form DLG 001 and Form DLG 002.
“Form DLG OO1 is the registration form that requires the applicant company to provide identification and operational information to the FCCPC.
“The Form DLG 002 contains declarations relating to: Legitimacy; Compliance with applicable regulatory requirements; Lawful source of funds and conformity with anti-money laundering; and Data protection laws,” it stated.
As outlined by the Federal Competition and Consumer Protection Commission (FCCPC), the listed companies below have gotten the full approval of the commission—
- 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 INVESTIMENT LIMITED
- CREVANCE CREDIT LIMITED
- MENACRED COMPANY LIMITED
- AFROWIDE DEVELOPMENT LTD
- RED PLANET NIGERIA LIMITED
- AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
- RANKCAPITALS LIMITED
- IBS GOLDEN INVESTMENT COMPANY LIMITED
- LENDVISERY SERVICES LIMITED
- CREDITWAVE FINANCE 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 LIMIED
- YES CREDIT COMPANY LIMITED
- FUBRIL CENTURY LIMITED
- IRORUN TECHNOLOGIES LIMITED
- CSENSE LIMITED
- SUPREME HELP COOPERATIVE SOCIETY LIMITED
- ORCOM AND ORCOM BUSSINESS SUPORT 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
- SYCAMORE INTEGRATED SOLUTIONS LIMITED
While those companies on conditional approval since they are yet to fulfil some requirements are:
- TRIPPDBASE LIMITED
- BLACKCOPPER SERVICE
- OWOAFAR FINTECH SERVICE
- PAYLATER HUB
- WINDVILLE FINANCIAL NIGERIA LIMITED
- AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
- ORCOM AND ORCOM BUSINESS SUPPORT LIMITED
- OTP INTERNET TECHNOLOGY LTD
- RED HARBOR FINTECH LIMITED
- BERYL SPRING GLOBAL LIMITED
- HOMETOWN FINTECH LIMITED
- AJAX LENDING LIMITED
- RACEOVA NIG. LIMITED
- LANTANA TECHNOLOGY LIMITED
- THE PLATFORM DIGITAL NETWORK LIMITED
- ZIPPY CAPITAL LIMITED
- NEO-LINK TECHNOLOGY LIMITED
- TRIPOBASE LIMITED
- BESTFIN NIGERIA LIMITED
- POCKETFUEL FINANCE LIMITED
- LENDING EDGE LIMITED
- TED ROCKET LIMITED
- PENAID LIMITED
- ALTARA CREDIT LIMITED
- NEW CREDAGE NIGERIA LIMITED
- LENDHA TECHNOLOGIES LIMITED
- DOJA LEMAIRE GLOBAL LIMITED
- PAYDAYHUB ONLINE NIGERIA LIMITED
- RETAIL BOOSTER LIMITED
- FINNEW FINTECH LIMITED
- FEZOTECH NIGERIA LIMITED
- ORANGE LOAN & PURPLE CREDIT LIMITED
- CITADELE CAPITALS LIMITED
- FEWCHORE FINANCE COMPANY LIMITED
- A1 CAPITAL SOLUTION LIMITED
- ONE PAYOUT LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- LIDYA GLOBAL LIMITED
- PHOENIX PAYMENT SOLUTIONS LIMITED
- RED PLANET NIGERIA LIMITED
- KWABA INTERNATIONAL LIMITED.
- MAYWOOD LENDING LIMITED.
- PRINCEPS CREDIT SYSTEM LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- FINPADI TECHNOLOGIES LIMITED
