The Federal Competition and Consumer Protection Commission (FCCPC) has announced that as of October 2023, it has registered and approved a total of 211 digital loan apps for operation in Nigeria.
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This disclosure came via a statement released over the weekend. Among these 211 digital money lending apps, 172 have obtained full approval, while 39 others have received conditional approval.
Moreover, the number of loan apps under the FCCPC’s watchlist has risen from 55 in September to 84 in October.
The FCCPC, in collaboration with the Joint Task Force (JTF), has developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending in 2022. This framework aims to provide equitable, transparent, and beneficial lending options for Nigerians.
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The Commission’s decision to register and regulate these digital loan apps is driven by concerns over the operations of illicit loan apps across Nigeria, which have led to various forms of abuse.
This report is developing, more details will be shared on the SkiwordNews Telegram Channel as soon as possible.
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