Regulator tightens noose on digital money lenders as 154 get licenced

Chief Executive Officer, FCCPC, Babatunde Irukera

The Federal Government through the Federal Competition and Consumer Protection Commission has released new a list of 154 fully approved digital lenders licensed to operate in the country.

It gave 40 others conditional approval, added 20 to its watch list, and delisted nine apps.

It also noted that four others comprising of Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited, had been licensed by the Central Bank of Nigeria.

The announcement of approved digital lenders followed a recent shake-up of the digital money lending sector by the FCCPC, after the sustained harassment of Nigerians by the lenders.

It also came after the commission gave digital money lenders a five-day deadline to prove they were operating within its set guidelines.

It announced this earlier when it asked Google to delete 18 digital lenders from Playstore for harassing Nigerians.

Approved loan apps in Nigeria include Clan pp, Nextpayday app, Palmcredit app, Flypay app, Paylater app, Moneypal app, Goloan app, Sycamore app, Branch Mobile app, Fairmoney app, Regxta app, Carbon app, and more.

Apps with conditional approvals include Soko Loan, Creditmoney app, Lucred app, Altara app, Rivermoney app, Indicina loan app, Growly app, Kwaba app, Helppo app, and more.

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 (Orange Loan and Purple Credit Ltd.).

Others are Nut Loan, Cash Door, Cashpal, Nairaeasy Gist Loan, Secucash, Creditbox-africa, Switfcash, Swiftkash app, Eaglecash app, and Moneytreefinance Made Easy app.

The list of delisted apps (i.e. unapproved loan apps) include 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].

According to the FCCPC, only digital money lenders that have been registered under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 could operate in the country.
Credit: Punch

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