Insurance

FCCPC approves 94 companies as digital money lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria.

Related Articles

However, only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval.

The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country, an exercise targeted at tackling the menace of unlicensed loan apps, otherwise known as loan sharks.

The Commission said it came up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.

The guidelines require digital lenders to register with the FCCPC and complete 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, while 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.

While the Commission had last year given all the digital money lenders 90 days to comply with these guidelines, it later extended the deadline which expired on November 14, 2022, to January 31, 2023.

  1. HOMETOWN FINTECH LIMITED
  2. AJAX LENDING LIMITED
  3. RACEOVA NIG. LIMITED
  4. LANTANA TECHNOLOGY LIMITED
  5. THE PLATFORM DIGITAL NETWORK LIMITED
  6. ZIPPY CAPITAL LIMITED
  7. NEO-LINK TECHNOLOGY LIMITED
  8. TRIPOBASE LIMITED
  9. BESTFIN NIGERIA LIMITED
  10. POCKETFUEL FINANCE LIMITED
  11. LENDING EDGE LIMITED
  12. TED ROCKET LIMITED
  13. PENAID LIMITED
  14. ALTARA CREDIT LIMITED
  15. NEW CREDAGE NIGERIA LIMITED
  16. LENDHA TECHNOLOGIES LIMITED
  17. DOJA LEMAIRE GLOBAL LIMITED
  18. PAYDAYHUB ONLINE NIGERIA LIMITED
  19. RETAIL BOOSTER LIMITED
  20. FINNEW FINTECH LIMITED
  21. FEZOTECH NIGERIA LIMITED
  22. ORANGE LOAN & PURPLE CREDIT LIMITED
  23. CITADELE CAPITALS LIMITED
  24. FEWCHORE FINANCE COMPANY LIMITED
  25. A1 CAPITAL SOLUTION LIMITED
  26. ONE PAYOUT LIMITED
  27. LINKPARK TECHNOLOGY NIGERIA LIMITED
  28. LIDYA GLOBAL LIMITED
  29. PHOENIX PAYMENT SOLUTIONS LIMITED
  30. RED PLANET NIGERIA LIMITED
  31. KWABA INTERNATIONAL LIMITED.
  32. MAYWOOD LENDING LIMITED.
  33. PRINCEPS CREDIT SYSTEM LIMITED
  34. LINKPARK TECHNOLOGY NIGERIA LIMITED
  35. FINPADI TECHNOLOGIES LIMITED

Say something about this...

Back to top button
%d bloggers like this: