The Federal Competition and Consumer Protection Commission has revealed a fresh list of 154 completely certified digital lenders licensed to operate in the country.
It granted conditional clearance to 40 other apps, added 20 to its watch list, and delisted nine.
The Central Bank of Nigeria (CBN) has licensed four others, including Fastcredit Limited, Greenbond Finance Company Limited, Baines Microfinance Bank Limited, and Ekondo Microfinance Bank Limited.
The announcement of licenced digital lenders followed the FCCPC’s recent overhaul of the digital money lending business in response to the lenders’ persistent harassment of Nigerians.
It also occurred after the commission issued digital money lenders a five-day deadline to demonstrate that they were following its rules.
It had already requested that Google remove 18 digital lenders from the PlayStore for intimidating Nigerians.
The loan apps approved 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.
Those granted 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 app, Nairaloan, Moneytree Finance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Crediting, and Hen Credit Loan (Orange Loan and Purple Credit Ltd.).
Others are Nut Loan, Cash Door, Cashpal, Nairaeasy Gist Loan, Secucash, Creditbox-Africa, Switfcash, Swiftkash app, Eaglecash app, and Moneytreefinance Made Easy app.
The list of delisted and unapproved loan apps includes Wiftkash, Hen Credit Loan app, Cash Door app, Joy Cash-Loan app, Eaglecash app, Luckyloan Personal Loan app, Getloan app, Easeloan app, and Xgo Finance Limited [Xcredit, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, and Naija Cash].
Only digital money lenders registered under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022, according to the FCCPC, are permitted to operate in the country.
