The Federal Trade Commission has approved 173 digital lending applications to operate in Nigeria.
There are 119 full approvals and 54 conditional approvals among the 173. After loan apps began harassing Nigerians, the FCCPC launched a registration drive to protect citizens from these apps’ atrocities.
It issued a ‘Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval mandatory for companies wishing to operate in it.
It finally settled on March 27, 2023, as the registration deadline after shifting it several times. The commission has now published a list of apps that have been approved for use in the country.
Companies that do not have approvals will be unable to operate in the space.
The FCCPC said of its campaign against digital lending apps in August 2022, “This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending,”
Branch International Financial Services Limited, Fairmoney Microfinance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited are among the approved loan apps listed by the commission.
Loans that have not been approved by the FCCPC will be removed from Google Play and will be unavailable for download.
Google Play updated its Developer Program Policy in November, requiring digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya to follow regulatory guidelines.