FG Releases List of 94 Approved Online Loan Applications

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—

1. TRADE DEPOT  
2. TAJOW INVESTMENT 
3. BLUE RIDGE MICROFINANCE BANK LIMITED 
4. GROLATECH CREDIT LIMITED 
5. BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED 
6. P2VEST TECHNOLOGY LIMITED 
7. CREDITWAVE FINANCE LIMITED 
8. KEENEST TECH SERVICE LIMITED 
9. FAIRMONEY MICRO FINANCE BANK 
10. ALTRACRED FINANCE INVESTIMENT LIMITED 
11. CREVANCE CREDIT LIMITED 
12. MENACRED COMPANY LIMITED 
13. AFROWIDE DEVELOPMENT LTD 
14. RED PLANET NIGERIA LIMITED 
15. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED 
16. RANKCAPITALS LIMITED 
17. IBS GOLDEN INVESTMENT COMPANY LIMITED 
18. LENDVISERY SERVICES LIMITED 
19. CREDITWAVE FINANCE LIMITED 
20. RENMONEY MICROFINANCE BANK LIMITED 
21. SWIPEBILL TECHNOLOGIES NIGERIA LIMITED. 
22. HOMETOWN FINTECH LIMITED 
23. GIASUN TECHNOLOGY NIGERIA LIMITED 
24. BE RESOURCES LIMITED 
25. ROCKIT LENDERS NIGERIA LIMITED 
26. PIVO TECHNOLOGY LIMIED 
27. YES CREDIT COMPANY LIMITED 
28. FUBRIL CENTURY LIMITED 
29. IRORUN TECHNOLOGIES LIMITED 
30. CSENSE LIMITED 
31. SUPREME HELP COOPERATIVE SOCIETY LIMITED 
32. ORCOM AND ORCOM BUSSINESS SUPORT LIMITED 
33. PAYHIPPO LIMITED. 
34. EASYCHECK FINANCE INVESTMENT LIMITED 
35. QUARK FINANCIAL NIGERIA LIMITED 
36. EDMOND SOLUTIONS COMPANY LIMITED 
37. TED ROCKET LIMITED 
38. PENAID LIMITED 
39. ARVE LIMITED 
40. DOVER CREDIT LIMITED 
41. RAGEKAY GLOBAL INVESTMENT LIMITED 
42. MAYWOOD LENDING LIMITED 
43. LINKPARK TECHNOLOGY NIGERIA LIMITED 
44. MANGNET LENDING LIMITED 
45. RUBYSTAR GLOBAL LIMITED 
46. BESTFIN NIGERIA LIMITED 
47. FUBRI CENTURY COMPANY LIMITED 
48. BERLY SPRING GLOBAL LIMITED 
49. SYCAMORE INTEGRATED SOLUTIONS LIMITED 

While those companies on conditional approval since they are yet to fulfil some requirements are:

1. TRIPPDBASE LIMITED 
2. BLACKCOPPER SERVICE  
3. OWOAFAR FINTECH SERVICE 
4. PAYLATER HUB 
5. WINDVILLE FINANCIAL NIGERIA LIMITED 
6. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED 
7. ORCOM AND ORCOM BUSINESS SUPPORT LIMITED 
8. OTP INTERNET TECHNOLOGY LTD 
9. RED HARBOR FINTECH LIMITED 
10. BERYL SPRING GLOBAL LIMITED 
11. HOMETOWN FINTECH LIMITED 
12. AJAX LENDING LIMITED 
13. RACEOVA NIG. LIMITED 
14. LANTANA TECHNOLOGY LIMITED 
15. THE PLATFORM DIGITAL NETWORK LIMITED 
16. ZIPPY CAPITAL LIMITED 
17. NEO-LINK TECHNOLOGY LIMITED 
18. TRIPOBASE LIMITED 
19. BESTFIN NIGERIA LIMITED 
20. POCKETFUEL FINANCE LIMITED 
21. LENDING EDGE LIMITED 
22. TED ROCKET LIMITED 
23. PENAID LIMITED 
24. ALTARA CREDIT LIMITED 
25. NEW CREDAGE NIGERIA LIMITED 
26. LENDHA TECHNOLOGIES LIMITED 
27. DOJA LEMAIRE GLOBAL LIMITED 
28. PAYDAYHUB ONLINE NIGERIA LIMITED 
29. RETAIL BOOSTER LIMITED 
30. FINNEW FINTECH LIMITED 
31. FEZOTECH NIGERIA LIMITED 
32. ORANGE LOAN & PURPLE CREDIT LIMITED 
33. CITADELE CAPITALS LIMITED 
34. FEWCHORE FINANCE COMPANY LIMITED 
35. A1 CAPITAL SOLUTION LIMITED 
36. ONE PAYOUT LIMITED 
37. LINKPARK TECHNOLOGY NIGERIA LIMITED 
38. LIDYA GLOBAL LIMITED 
39. PHOENIX PAYMENT SOLUTIONS LIMITED 
40. RED PLANET NIGERIA LIMITED 
41. KWABA INTERNATIONAL LIMITED. 
42. MAYWOOD LENDING LIMITED. 
43. PRINCEPS CREDIT SYSTEM LIMITED 
44. LINKPARK TECHNOLOGY NIGERIA LIMITED 
45. FINPADI TECHNOLOGIES LIMITED