FG releases updated list of approved digital money lenders and banks in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has released a new list and added about 173 companies approved to operate as loan apps and digital money lenders.

The development follows the March 27, 2023, deadline given by FCCPC for registering the companies.

About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfil other terms and conditions set by the Commission, a Nairametrics report said.

After issuing updates on loan apps in Nigeria, Google will delist the unregistered apps from its play store, asking them to provide approval certification from FCCPC or face removal.

Google had slated January 31, 2023, as the deadline for the apps’ removal before moving it to March 27.

According to FCCPC, it drew up the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending of 2022 in partnership with the Joint Task Force (JTF) to promote transparency, fairness, and beneficial alternatives to lending opportunities in Nigeria.

The activities of loan apps in Nigeria necessitated FCCPC’s recent action following a proliferation of illegal loan apps in Nigeria, with consumers reporting rights violations and sharp practices, among others.

Findings have shown that interest rates charged by loan apps violate lending ethics. They also involve in the public humiliation of defaulters and engage in privacy violations.

List of approved loan apps

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 Investment Limited

Crevance Credit Limited

Menacred Company Limited

Afrowide Development Ltd

Red Planet Nigeria Limited

Afrofirst Mobile And Technology Company Limited

Rankcapital Limited

Ibs Golden Investment Company Limited

Lendvisery Services 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 Limited

Yes Credit Company Limited

Irorun Technologies Limited

Csense Limited

Supreme Help Cooperative Society Limited

Orcom And Orcom Business Support 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

Rock Financials Limited

Phoenix Payment Solution Limited

Value Driver Technology Solution Limited

Nextpayday Limited

Blackcopper Service Limited

Trafalgar Associate Limited

Windville Financial Nigeria Limited

Orange Loan & Purple Credit Limited

Carbon Microfinance Bank Limited

Neo-Link Technology Company Limited

Finnew Fintech Limited

Otp Internet Technology Limited

Red Harbor Fintech Limited

Paylater Hub Limited

Skitloan Nigeria Limited

Raceova Nig. Limited

New Credage Nigeria Limited

Betterlending Company Limited

Fast-Point Intergrated Limited

Apex Lending Limited

Piska Tech Nigeria Limited

Princep Credit System Limited

Omalend Service Limited

Pockful Finance Limited

Highcredit Nigeria Limited

Hollandale Nigeria Limited

Pay Financial Technology Service Limited

A1 Capital Solution Limited

Newedge Finance Limited

Papichou Technology Limited

Goharvest International Limited

Mino Sparks Limited

Xgo Finance Limited

Primera Microfinance Bank

Credit Tech Lending Company

Prosperity Archipelago Limited

Finesest Limited

Singularity Technology Nigeria Ltd

Econ Mart Fintech Limited

Pennee Technologies Limited

Oxymon Solution Limited

Lantana Technology Limited

Applink Capital Nigeria Limited

Yegon Tech Limited

Fezotech Nigeria Limited

Eric Vsta Limited

Moblaspay Company Limited

Paycredit Limited

Niz Services Limited

Mino Sparks Limited

Flo Wood Lending Liberty Assured Limited

Uni Technology Nigeria Ltd

Trade Lenda Com Limited

Creditville Microfinance Bank Ltd

Letshego Microfinance Bank Ltd

Kiowope Capital Limited

Veendhq Limited

Ucplus Advance Limited

Maven Finance Limited

Aella Financial Solutions Limited

Fluna Capital Limited

Newedge Finance Limited

Ta Prime Limited

Regxta Global Service Ltd

Provest Limited

Jm Rubinus Limited

Crossroads E-Payment Systems Limited

Consynergy Limited

Fintcred Innovation Limited

Afrosay Fintech Limited

Mim Finance Company