Loan Apps: FCCPC approves 94 companies as digital money lenders
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).
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Form DLG OO1 is the registration form that requires the applicant company to provide identification and operational information to the FCCPC, while Form DLG 002 contains declarations relating to:
Legitimacy;
Compliance with applicable regulatory requirements;
Lawful source of funds and conformity with anti-money laundering; and
Data protection laws.
While the Commission had last year given all the digital money lenders 90 days to comply with these guidelines, it later extended the deadline which expired on November 14, 2022, to January 31, 2023.
Approved money lenders: Below is a list of the 49 digital money lenders that have secured full approval from the FCCPC-
1. SYCAMORE INTEGRATED SOLUTIONS LIMITED
TRADE DEPOT
2. TAJOW INVESTMENT
3. BLUE RIDGE MICROFINANCE BANK LIMITED
4. GROLATECH CREDIT LIMITED
5. BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
6. P2VEST TECHNOLOGY LIMITED
7. CREDITWAVE FINANCE LIMITED
8. KEENEST TECH SERVICE LIMITED
9. FAIRMONEY MICRO FINANCE BANK
10. ALTRACRED FINANCE INVESTIMENT LIMITED
11. CREVANCE CREDIT LIMITED
12. MENACRED COMPANY LIMITED
13. AFROWIDE DEVELOPMENT LTD
14. RED PLANET NIGERIA LIMITED
15. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
16. RANKCAPITALS LIMITED
17. IBS GOLDEN INVESTMENT COMPANY LIMITED
18. LENDVISERY SERVICES LIMITED
19. CREDITWAVE FINANCE LIMITED
20. RENMONEY MICROFINANCE BANK LIMITED
21. SWIPEBILL TECHNOLOGIES NIGERIA LIMITED.
22. HOMETOWN FINTECH LIMITED
23. GIASUN TECHNOLOGY NIGERIA LIMITED
24. BE RESOURCES LIMITED
25. ROCKIT LENDERS NIGERIA LIMITED
26. PIVO TECHNOLOGY LIMIED
27. YES CREDIT COMPANY LIMITED
28. FUBRIL CENTURY LIMITED
29. IRORUN TECHNOLOGIES LIMITED
30. CSENSE LIMITED
31. SUPREME HELP COOPERATIVE SOCIETY LIMITED
32. 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
Conditional approvals: The following companies have secured conditional approvals from the Commission, meaning that they still have some requirements to meet before they can get the full approval-
TRIPPDBASE LIMITED
BLACKCOPPER SERVICE
OWOAFAR FINTECH SERVICE
PAYLATER HUB
WINDVILLE FINANCIAL NIGERIA LIMITED
AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
ORCOM AND ORCOM BUSINESS SUPPORT LIMITED
OTP INTERNET TECHNOLOGY LTD
RED HARBOR FINTECH LIMITED
BERYL SPRING GLOBAL LIMITED
HOMETOWN FINTECH LIMITED
AJAX LENDING LIMITED
RACEOVA NIG. LIMITED
LANTANA TECHNOLOGY LIMITED
THE PLATFORM DIGITAL NETWORK LIMITED
ZIPPY CAPITAL LIMITED
NEO-LINK TECHNOLOGY LIMITED
TRIPOBASE LIMITED
BESTFIN NIGERIA LIMITED
POCKETFUEL FINANCE LIMITED
LENDING EDGE LIMITED
TED ROCKET LIMITED
PENAID LIMITED
ALTARA CREDIT LIMITED
NEW CREDAGE NIGERIA LIMITED
LENDHA TECHNOLOGIES LIMITED
DOJA LEMAIRE GLOBAL LIMITED
PAYDAYHUB ONLINE NIGERIA LIMITED
RETAIL BOOSTER LIMITED
FINNEW FINTECH LIMITED
FEZOTECH NIGERIA LIMITED
ORANGE LOAN & PURPLE CREDIT LIMITED
CITADELE CAPITALS LIMITED
FEWCHORE FINANCE COMPANY LIMITED
A1 CAPITAL SOLUTION LIMITED
ONE PAYOUT LIMITED
LINKPARK TECHNOLOGY NIGERIA LIMITED
LIDYA GLOBAL LIMITED
PHOENIX PAYMENT SOLUTIONS LIMITED
RED PLANET NIGERIA LIMITED
KWABA INTERNATIONAL LIMITED.
MAYWOOD LENDING LIMITED.
PRINCEPS CREDIT SYSTEM LIMITED
LINKPARK TECHNOLOGY NIGERIA LIMITED
FINPADI TECHNOLOGIES LIMITED
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple's Bite International Magazine.