FCCPC approves 94 mobile lending coys

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

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: The guidelines require digital lenders to register with the FCCPC and complete two forms (Form DLG 001 and Form DLG 002).