FG Releases Updated List of Approved Digital Money Lenders and Banks in Nigeria, Adds Popular Names

FG Releases Updated List of Approved Digital Money Lenders and Banks in Nigeria, Adds Popular Names

  • The Federal Competition and Consumer Protection Commission (FCCPC) has released the full names of approved loan apps in Nigeria
  • FCCPC said the loan apps approval followed its March 27, 2023, deadline for them to obtain certification to operate
  • Also, Google, in an update, said it would remove unapproved loan apps from its store

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The Federal Competition and Consumer Protection Commission (FCCPC) has released a new list and added about 173 companies approved to operate as loan apps and digital money lenders.

The development follows the March 27, 2023, deadline given by FCCPC for registering the companies.

Loan apps, FCCPC, FG
FCCPC provides an updated list of approved loan apps. Credit: DNY59
Source: Getty Images

Over 100 apps receive FG's approval

About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfil other terms and conditions set by the Commission, a Nairametrics report said.

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After issuing updates on loan apps in Nigeria, Google will delist the unregistered apps from its play store, asking them to provide approval certification from FCCPC or face removal.

Google had slated January 31, 2023, as the deadline for the apps’ removal before moving it to March 27.

FCCPC clarifies the reason for the approval

According to FCCPC, it drew up the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending of 2022 in partnership with the Joint Task Force (JTF) to promote transparency, fairness, and beneficial alternatives to lending opportunities in Nigeria.

The activities of loan apps in Nigeria necessitated FCCPC’s recent action following a proliferation of illegal loan apps in Nigeria, with consumers reporting rights violations and sharp practices, among others.

Findings have shown that interest rates charged by loan apps violate lending ethics. They also involve in the public humiliation of defaulters and engage in privacy violations.

List of approved loan apps

  • Sycamore Integrated Solutions Limited
  • Trade Depot
  • Tajow Investment
  • Blue Ridge Microfinance Bank Limited
  • Grolatech Credit Limited
  • Branch International Financial Services Limited
  • P2vest Technology Limited
  • Creditwave Finance Limited
  • Keenest Tech Service Limited
  • Fairmoney Micro Finance Bank
  • Altracred Finance Investment Limited
  • Crevance Credit Limited
  • Menacred Company Limited
  • Afrowide Development Ltd
  • Red Planet Nigeria Limited
  • Afrofirst Mobile And Technology Company Limited
  • Rankcapital Limited
  • Ibs Golden Investment Company Limited
  • Lendvisery Services Limited
  • Renmoney Microfinance Bank Limited
  • Swipebill Technologies Nigeria Limited
  • Hometown Fintech Limited
  • Giasun Technology Nigeria Limited
  • Be Resources Limited
  • Rockit Lenders Nigeria Limited
  • Pivo Technology Limied
  • Yes Credit Company Limited
  • Irorun Technologies Limited
  • Csense Limited
  • Supreme Help Cooperative Society Limited
  • Orcom And Orcom Bussiness Suport Limited
  • Payhippo Limited.
  • Easycheck Finance Investment Limited
  • Quark Financial Nigeria Limited
  • Edmond Solutions Company Limited
  • Ted Rocket Limited
  • Penaid Limited
  • Arve Limited
  • Dover Credit Limited
  • Ragekay Global Investment Limited
  • Maywood Lending Limited
  • Linkpark Technology Nigeria Limited
  • Mangnet Lending Limited
  • Rubystar Global Limited
  • Bestfin Nigeria Limited
  • Fubri Century Company Limited
  • Berly Spring Global Limited
  • Rock Financials Limited
  • Phoenix Payment Solution Limited
  • Value Driver Technology Solution Limited
  • Nextpayday Limited
  • Blackcopper Service Limited
  • Trafalgar Associate Limited
  • Windville Financial Nigeria Limited
  • Orange Loan & Purple Credit Limited
  • Carbon Microfinance Bank Limited
  • Neo-Link Technology Company Limited
  • Finnew Fintech Limited
  • Otp Internet Technology Limited
  • Red Harbor Fintech Limited
  • Paylater Hub Limited
  • Skitloan Nigeria Limited
  • Raceova Nig. Limited
  • New Credage Nigeria Limited
  • Betterlending Company Limited
  • Fast-Point Intergrated Limited
  • Apex Lending Limited
  • Piska Tech Nigeria Limited
  • Princep Credit System Limited
  • Omalend Service Limited
  • Pockful Finance Limited
  • Highcredit Nigeria Limited
  • Hollandale Nigeria Limited
  • Pay Financial Technology Service Limited
  • A1 Capital Solution Limited
  • Newedge Finance Limited
  • Papichou Technology Limited
  • Goharvest International Limited
  • Mino Sparks Limited
  • Xgo Finance Limited
  • Primera Microfinance Bank
  • Credit Tech Lending Company
  • Prosperity Archipelago Limited
  • Finesest Limited
  • Singularity Technology Nigeria Ltd
  • Econ Mart Fintech Limited
  • Pennee Technologies Limited
  • Oxymon Solution Limited
  • Lantana Technology Limited
  • Applink Capital Nigeria Limited
  • Yegon Tech Limited
  • Fezotech Nigeria Limited
  • Eric Vsta Limited
  • Moblaspay Company Limited
  • Paycredit Limited
  • Niz Services Limited
  • Mino Sparks Limited
  • Flo Wood Lending
  • Liberty Assured Limited
  • Uni Technology Nigeria Ltd
  • Trade Lenda Com Limited
  • Creditville Microfinance Bank Ltd
  • Letshego Microfinance Bank Ltd
  • Kiowope Capital Limited
  • Veendhq Limited
  • Ucplus Advance Limited
  • Maven Finance Limited
  • Aella Financial Solutions Limited
  • Fluna Capital Limited
  • Newedge Finance Limited
  • Ta Prime Limited
  • Regxta Global Service Ltd
  • Provest Limited
  • Jm Rubinus Limited
  • Crossroads E-Payment Systems Limited
  • Consynergy Limited
  • Fintcred Innovation Limited
  • Afrosay Fintech Limited
  • Mim Finance Company

Nigerian government asks Google, Apple to delete loan sharks from stores, lists defaulting apps

Legit.ng earlier reported that the Nigerian government, via the Federal Competition and Consumer Protection Commission (FCCPC), has asked Google and Apple to delete about four loan apps from their stores.

The FCCPC said the loan apps engaged in unethical practices against its laid down procedures.

The affected apps include Maxi Credit, Here4U, Chacha and SoftPay.

Source: Legit.ng

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