FCCPC Okays Operation of 94 Digital Money Lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria.

Forty nine of the digital lenders were given full approval, while 45 got provisional approval.

The FCCPC said 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.

FCCPC 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.

See List of the 49 digital money lenders:

1. SYCAMORE INTEGRATED SOLUTIONS LIMITED
2. TRADE DEPOT
3. TAJOW INVESTMENT
4. BLUE RIDGE MICROFINANCE BANK LIMITED
5. GROLATECH CREDIT LIMITED
6. BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
7. P2VEST TECHNOLOGY LIMITED
8. CREDITWAVE FINANCE LIMITED
9. KEENEST TECH SERVICE LIMITED
10. 10.FAIRMONEY MICRO FINANCE BANK
11. 11.ALTRACRED FINANCE INVESTIMENT LIMITED
12. 12.CREVANCE CREDIT LIMITED
13. 13.MENACRED COMPANY LIMITED
14. 14.AFROWIDE DEVELOPMENT LTD
15. 15.RED PLANET NIGERIA LIMITED
16. 16.AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
17. 17.RANKCAPITALS LIMITED
18. 18.IBS GOLDEN INVESTMENT COMPANY LIMITED
19. 19.LENDVISERY SERVICES LIMITED
20. 20.CREDITWAVE FINANCE LIMITED
21. 21.RENMONEY MICROFINANCE BANK LIMITED
22. 22.SWIPEBILL TECHNOLOGIES NIGERIA LIMITED.
23. 23.HOMETOWN FINTECH LIMITED
24. 24.GIASUN TECHNOLOGY NIGERIA LIMITED
25. 25.BE RESOURCES LIMITED
26. 26.ROCKIT LENDERS NIGERIA LIMITED
27. 27.PIVO TECHNOLOGY LIMIED
28. 28.YES CREDIT COMPANY LIMITED
29. 29.FUBRIL CENTURY LIMITED
30. 30.IRORUN TECHNOLOGIES LIMITED
31. 31.CSENSE LIMITED
32. 32.SUPREME HELP COOPERATIVE SOCIETY LIMITED
33. 33.ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
34. 34.PAYHIPPO LIMITED.
35. 35.EASYCHECK FINANCE INVESTMENT LIMITED
36. 36.QUARK FINANCIAL NIGERIA LIMITED
37. 37.EDMOND SOLUTIONS COMPANY LIMITED
38. 38.TED ROCKET LIMITED
39. 39.PENAID LIMITED
40. 40.ARVE LIMITED
41. 41.DOVER CREDIT LIMITED
42. 42.RAGEKAY GLOBAL INVESTMENT LIMITED
43. 43.MAYWOOD LENDING LIMITED
44. 44.LINKPARK TECHNOLOGY NIGERIA LIMITED
45. 45.MANGNET LENDING LIMITED
46. 46.RUBYSTAR GLOBAL LIMITED
47. 47.BESTFIN NIGERIA LIMITED
48. 48.FUBRI CENTURY COMPANY LIMITED
49. 49.BERLY SPRING GLOBAL LIMITED

Below is the list of companies that secured conditional approvals:

1. TRIPPDBASE LIMITED
2. BLACKCOPPER SERVICE
3. OWOAFAR FINTECH SERVICE
4. PAYLATER HUB
5. WINDVILLE FINANCIAL NIGERIA LIMITED
6. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
7. ORCOM AND ORCOM BUSINESS SUPPORT LIMITED
8. OTP INTERNET TECHNOLOGY LTD
9. RED HARBOR FINTECH LIMITED
10. 10.BERYL SPRING GLOBAL LIMITED
11. 11.HOMETOWN FINTECH LIMITED
12. 12.AJAX LENDING LIMITED
13. 13.RACEOVA NIG. LIMITED
14. 14.LANTANA TECHNOLOGY LIMITED
15. 15.THE PLATFORM DIGITAL NETWORK LIMITED
16. 16.ZIPPY CAPITAL LIMITED
17. 17.NEO-LINK TECHNOLOGY LIMITED
18. 18.TRIPOBASE LIMITED
19. 19.BESTFIN NIGERIA LIMITED
20. 20.POCKETFUEL FINANCE LIMITED
21. 21.LENDING EDGE LIMITED
22. 22.TED ROCKET LIMITED
23. 23.PENAID LIMITED
24. 24.ALTARA CREDIT LIMITED
25. 25.NEW CREDAGE NIGERIA LIMITED
26. 26.LENDHA TECHNOLOGIES LIMITED
27. 27.DOJA LEMAIRE GLOBAL LIMITED
28. 28.PAYDAYHUB ONLINE NIGERIA LIMITED
29. 29.RETAIL BOOSTER LIMITED
30. 30.FINNEW FINTECH LIMITED
31. 31.FEZOTECH NIGERIA LIMITED
32. 32.ORANGE LOAN & PURPLE CREDIT LIMITED
33. 33.CITADELE CAPITALS LIMITED
34. 34.FEWCHORE FINANCE COMPANY LIMITED
35. 35.A1 CAPITAL SOLUTION LIMITED
36. 36.ONE PAYOUT LIMITED
37. 37.LINKPARK TECHNOLOGY NIGERIA LIMITED
38. 38.LIDYA GLOBAL LIMITED
39. 39.PHOENIX PAYMENT SOLUTIONS LIMITED
40. 40.RED PLANET NIGERIA LIMITED
41. 41.KWABA INTERNATIONAL LIMITED.
42. 42.MAYWOOD LENDING LIMITED.
43. 43.PRINCEPS CREDIT SYSTEM LIMITED
44. 44.LINKPARK TECHNOLOGY NIGERIA LIMITED
45. 45.FINPADI TECHNOLOGIES LIMITED