The Federal Government, through the Federal Competition and Consumer Protection Commission, has approved a total of 154 digital money lenders to operate in the country. Additionally, 40 others have received conditional approval, 20 have been added to the watch list, and nine apps have been delisted.
It is worth noting that Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited have been licensed by the Central Bank of Nigeria.
This announcement follows a recent shake-up of the digital money lending sector by the FCCPC, which was prompted by the sustained harassment of Nigerians by lenders. The FCCPC had given digital money lenders a five-day deadline to prove compliance with its guidelines. As a result, Google was asked to remove 18 digital lenders from the Playstore.
The approved loan apps in Nigeria include Clan pp, Nextpayday app, Palmcredit app, Flypay app, Paylater app, Moneypal app, Goloan app, Sycamore app, Branch Mobile app, Fairmoney app, Regxta app, Carbon app, and more.
Apps with conditional approvals include Soko Loan, Creditmoney app, Lucred app, Altara app, Rivermoney app, Indicina loan app, Growly app, Kwaba app, Helppo app, and more. Apps on the FCCPC's watchlist include Getloan, Camelloan, Joy Cash-Loan up to 1,000,000, Nairaloan, Moneytree Finance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Crediting, and Hen Credit Loan (Orange Loan and Purple Credit Ltd.).
Others on the watchlist are Nut Loan, Cash Door, Cashpal, Nairaeasy Gist Loan, Secucash, Creditbox-Africa, Switfcash, Swiftkash app, Eaglecash app, and Moneytreefinance Made Easy app.
The delisted apps (unapproved loan apps) include Swiftkash app, Hen Credit Loan App, Cash Door app, Joy cash-loan up to 1,000,000 app, Eaglecash app, Luckyloan Personal loan app, Getloan app, Easeloan apps, Xgo Finance Limited [Xcredit, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash].
The FCCPC has stated that only digital money lenders registered under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 are allowed to operate in the country.
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