The Federal Government (FG) has approved 173 digital lending applications to operate in the country.
The FG gave the approval via its Federal Competition and Consumer Protection Commission (FCCPC).
While the FCCPC gave conditional authorisations to 54 loan applications, 119 were fully approved by the commission.
It noted on Monday that companies without an approval will not be able to operate in the country.
Some of the approved loan applications listed by the FCCPC include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited, amongst others.
READ ALSO: Naira drops against dollar by 0.46%
The commission added that loan apps without its approval will be removed from Play Store by Google and unavailable for download.
While speaking on the approach to save people against digital lending apps in August 2022, the FCCPC said: “In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework.
“This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending.
“The guidelines also mandate different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.”
Nigerian singer Ayra Starr has revealed that she believes she would be unemployed and still…
The management of the Federal University Oye-Ekiti has suspended two students over allegations of cyberbullying…
The All Progressives Congress (APC) candidate for the Ondo South Senatorial District by-election, Prof. Dayo…
The Katsina State Police Command has arrested two suspects and recovered 2,000 tablets of suspected…
Commercial motorcyclists and tricycle riders in Ado-Ekiti on Saturday continued their operations in defiance of…
Two police officers sustained injuries on Friday evening after suspected gunmen attacked and set fire…
This website uses cookies.