The Federal Competition and Consumer Protection Commission has unveiled a comprehensive list of 154 fully authorized digital lenders licensed to function within the country’s borders.
This announcement comes in the wake of a significant overhaul within the digital money lending sector, following reports of sustained harassment endured by Nigerians from these lenders.
Moreover, 40 other digital lenders have been granted conditional approval, while an additional 20 have been placed under close scrutiny on the commission’s watch list.
Furthermore, nine apps have been officially delisted from the approved roster.
Highlighting the regulatory efforts, the Commission recently urged Google to remove 18 digital lending apps from the Play Store due to their unacceptable conduct.
The proactive measures have led to a refined selection of approved digital lenders, contributing to a safer and more secure environment for borrowers.
It is also noteworthy that four entities, including Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited, have been granted licenses by the Central Bank of Nigeria, reinforcing the broader efforts to establish a well-regulated digital lending landscape.
Within this context, it is important to mention that only digital money lenders that have successfully registered under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 are permitted to conduct operations within the country.
This concerted effort ensures that the digital lending ecosystem remains compliant with set standards, safeguarding the interests of Nigerian borrowers.
