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). 

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-

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 INVESTIMENT LIMITED 

CREVANCE CREDIT LIMITED 

MENACRED COMPANY LIMITED 

AFROWIDE DEVELOPMENT LTD 

RED PLANET NIGERIA LIMITED 

AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED 

RANKCAPITALS LIMITED 

IBS GOLDEN INVESTMENT COMPANY LIMITED 

LENDVISERY SERVICES LIMITED 

CREDITWAVE FINANCE 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 

FUBRIL CENTURY 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 

 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  (Source: Nairametrics)