Federal Competition and Consumer Protection Commission Approves 173 Digital Lending Apps in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has granted approval to 173 digital lending applications to operate within Nigeria’s financial landscape.

This move comes as the FCCPC takes steps to regulate the digital lending industry and safeguard consumers from illegal lending practices.

Out of these 173 approved loan apps, 119 have received full approvals, while the remaining 54 have conditional approvals.

This decisive action by the FCCPC aims to curb the operations of illegal lending apps that have, in the past, caused considerable distress to borrowers, often subjecting them to loan sharks and harassment from both acquaintances and family members.

The FCCPC’s intervention underscores the urgency of bringing the digital lending sector under legal scrutiny and providing borrowers with a safer and more regulated lending environment.

The commission has also shared guidelines on how borrowers should handle situations where loan sharks harass them, offering practical advice to those who have experienced such harassment.

The regulatory process began with an investigation by an Inter-Agency Joint Task Force on Digital Lending Apps. Subsequently, the registration of these apps commenced under a Limited Interim Regulatory Framework and Guidelines for Digital Lending in 2022. The FCCPC has made the list of approved companies and digital lending apps available on its website for public reference.

Fully Approved Loan App In Nigeria

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. FAIRMONEY MICRO FINANCE BANK
11. ALTRACRED FINANCE INVESTMENT LIMITED
12. CREVANCE CREDIT LIMITED
13. MENACRED COMPANY LIMITED
14. AFROWIDE DEVELOPMENT LTD
15. RED PLANET NIGERIA LIMITED
16. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
17. RANKCAPITAL LIMITED
18. IBS GOLDEN INVESTMENT COMPANY LIMITED
19. LENDVISERY SERVICES 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 LIMITED
27. YES CREDIT COMPANY LIMITED
28. IRORUN TECHNOLOGIES LIMITED
29. CSENSE LIMITED
30. SUPREME HELP COOPERATIVE SOCIETY LIMITED
31. ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
32. PAYHIPPO LIMITED
33. EASYCHECK FINANCE INVESTMENT LIMITED
34. QUARK FINANCIAL NIGERIA LIMITED
35. EDMOND SOLUTIONS COMPANY LIMITED
36. TED ROCKET LIMITED
37. PENAID LIMITED
38. ARVE LIMITED
39. DOVER CREDIT LIMITED
40. RAGEKAY GLOBAL INVESTMENT LIMITED
41. MAYWOOD LENDING LIMITED
42. LINKPARK TECHNOLOGY NIGERIA LIMITED
43. MANGNET LENDING LIMITED
44. RUBYSTAR GLOBAL LIMITED
45. BESTFIN NIGERIA LIMITED
46. FUBRI CENTURY COMPANY LIMITED
47. BERLY SPRING GLOBAL LIMITED
48. ROCK FINANCIALS LIMITED
49. PHOENIX PAYMENT SOLUTION LIMITED
50. VALUE DRIVER TECHNOLOGY SOLUTION LIMITED
51. NEXTPAYDAY LIMITED
52. BLACKCOPPER SERVICE LIMITED
53. TRAFALGAR ASSOCIATE LIMITED
54. WINDVILLE FINANCIAL NIGERIA LIMITED
55. ORANGE LOAN & PURPLE CREDIT LIMITED
56. CARBON MICROFINANCE BANK LIMITED
57. NEO-LINK TECHNOLOGY COMPANY LIMITED
58. FINNEW FINTECH LIMITED
59. OTP INTERNET TECHNOLOGY LIMITED
60. RED HARBOR FINTECH LIMITED
61. PAYLATER HUB LIMITED
62. SKITLOAN NIGERIA LIMITED
63. RACEOVA NIG. LIMITED
64. NEW CREDAGE NIGERIA LIMITED
65. BETTERLENDING COMPANY LIMITED
66. FAST-POINT INTERGRATED LIMITED
67. APEX LENDING LIMITED
68. PISKA TECH NIGERIA LIMITED
69. PRINCEP CREDIT SYSTEM LIMITED
70. OMALEND SERVICE LIMITED
71. POCKFUL FINANCE LIMITED
72. HIGHCREDIT NIGERIA LIMITED
73. HOLLANDALE NIGERIA LIMITED
74. PAY FINANCIAL TECHNOLOGY SERVICE LIMITED
75. A1 CAPITAL SOLUTION LIMITED
76. NEWEDGE FINANCE LIMITED
77. PAPICHOU TECHNOLOGY LIMITED
78. GOHARVEST INTERNATIONAL LIMITED
79. MINO SPARKS LIMITED
80. XGO FINANCE LIMITED
81. PRIMERA MICROFINANCE BANK
82. CREDIT TECH LENDING COMPANY
83. PROSPERITY ARCHIPELAGO LIMITED
84. FINESEST LIMITED
85. SINGULARITY TECHNOLOGY NIGERIA LTD
86. ECON MART FINTECH LIMITED
87. PENNEE TECHNOLOGIES LIMITED
88. OXYMON SOLUTION LIMITED
89. LANTANA TECHNOLOGY LIMITED
90. APPLINK CAPITAL NIGERIA LIMITED
91. YEGON TECH LIMITED
92. FEZOTECH NIGERIA LIMITED
93. ERIC VSTA LIMITED
94. MOBLASPAY COMPANY LIMITED
95. PAYCREDIT LIMITED
96. NIZ SERVICES LIMITED
97. MINO SPARKS LIMITED
98. FLO WOOD LENDING
99. LIBERTY ASSURED LIMITED
100. UNI TECHNOLOGY NIGERIA LTD
101. TRADE LENDA COM LIMITED
102. CREDITVILLE MICROFINANCE BANK LTD
103. LETSHEGO MICROFINANCE BANK LTD
104. KIOWOPE CAPITAL LIMITED
105. VEENDHQ LIMITED
106. UCPLUS ADVANCE LIMITED
107. MAVEN FINANCE LIMITED
108. AELLA FINANCIAL SOLUTIONS LIMITED
109. FLUNA CAPITAL LIMITED
110. NEWEDGE FINANCE LIMITED
111. TA PRIME LIMITED
112. REGXTA GLOBAL SERVICE LTD
113. PROVEST LIMITED
114. JM RUBINUS LIMITED
115. CROSSROADS E-PAYMENT SYSTEMS LIMITED
116. CONSYNERGY LIMITED
117. FINTCRED INNOVATION LIMITED
118. AFROSAY FINTECH LIMITED
119. MIM FINANCE COMPANY

Conditional Approval Loan App In Nigeria

1. TRIPODBASE LIMITED
2. OWOAFARA FINTECH SERVICE
3. AJAX LENDING LIMITED
4. THE PLATFORM DIGITAL NETWORK LIMITED
5. ZIPPY CAPITAL LIMITED
6. LENDING EDGE LIMITED
7. LENDHA TECHNOLOGIES LIMITED
8. DOJA LEMAIRE GLOBAL LIMITED
9. PAYDAYHUB ONLINE NIGERIA LIMITED
10. RETAIL BOOSTER LIMITED
11. CITADELE CAPITALS LIMITED
12. FEWCHORE FINANCE COMPANY LIMITED
13. ONE PAYOUT LIMITED
14. LIDYA GLOBAL LIMITED
15. KWABA INTERNATIONAL LIMITED
16. FINPADI TECHNOLOGIES LIMITED
17. UMBA DIGITAL SOLUTIONS LIMITED
18. FINTRADE SOLUTIONS LIMITED
19. U TECHNOLOGY
20. STELLAR FINANCE LIMITED
21. DASH INNOVATIONS
22. GRIT-TECH LIMITED
23. CAELUM TECHNOLOGIES LIMITED
24. U THINKING NIGERIA LIMITED
25. EATON HILL INVESTMENT LIMITED
26. CREDITPRO BUSINESS SUPPORT SERVICES LTD
27. MUSKA TECH LIMITED
28. HELPPO AFRICA LIMITED
29. RENNERS INVESTMENT LIMITED
30. PEBBLE FINANCIAL TECH. LIMITED
31. KIAKIA BITS LIMITED
32. WEALTHBRIDGE CAPITAL PARTNERS LIMITED
33. TRIVISTA CAPITAL LIMITED
34. ATIMI LENDING LTD
35. ZUVY TECHNOLOGIES LIMITED
36. ROCKSHIELD MICROFINANCE
37. DOT MICROFINANCE BANK LIMITED
38. ALLAWEE TECHNOLOGIES LIMITED
39. LUCRED TECHNOLOGY LIMITED
40. NOLT FINANCE LIMITED
41. SOKO LENDING LIMITED
42. CITYGATE GLOBAL INVESTMENT LIMITED
43. OLIVERMEAD INVESTMENT LIMITED
44. LIGHTING FINANCE TECHNOLOGY NIGERIA LIMITED
45. MENO FINANCE LIMITED
46. HOIL INVESTMENT LIMITED.
47. KIREDI ROCK COMPANY LTD
48. GLOSH TECH LIMITED
49. CLEMO FRESH CO. LTD
50. PASSECO TECHNOLOGY NIG. LTD
51. TRUST CEN LIMITED
52. RIVERBANK PARTNERS LIMITED
53. PRIME AVIS INVESTMENT SERVICES LIMITED
54. RIVERBRAND TECHNOLOGY LIMITED

FAQs

What is the Federal Competition and Consumer Protection Commission (FCCPC)?

The Federal Competition and Consumer Protection Commission (FCCPC) is the Nigerian government agency responsible for protecting consumers and ensuring fair competition in the marketplace. It regulates businesses and services to prevent exploitative practices, including oversight of digital lending platforms.

How many digital lending apps has FCCPC approved in Nigeria?

The FCCPC has approved 173 digital lending apps in Nigeria. These apps have met the regulatory requirements set by the commission, ensuring they operate within legal and ethical guidelines to protect consumers from predatory lending practices.

Why did the FCCPC approve these digital lending apps?

The FCCPC approved these digital lending apps to ensure that they comply with Nigerian consumer protection laws and provide transparent, ethical services to users. This approval process helps eliminate rogue lending platforms that exploit consumers with unfair terms or invasive debt recovery methods.

What are the benefits of using an FCCPC-approved digital lending app?

Using an FCCPC-approved digital lending app ensures that borrowers are protected by Nigerian law, which guarantees fair interest rates, transparency in loan terms, and ethical debt recovery processes. This reduces the risk of harassment or exploitation that can occur with unregulated lending platforms.

 How can I find out if a digital lending app is approved by the FCCPC?

To verify if a digital lending app is approved by the FCCPC, you can check the commission’s official website, where they publish a list of approved digital lending platforms. Additionally, approved apps may display their FCCPC certification on their platform for consumer assurance.

Also Read: NIRSAL Microfinance Loan Application Portal Now Open: Boost Your Business Today!