FCCPC list of 173 approved loan app in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has approved a total of 173 digital money lenders, also known as loan apps, to operate in Nigeria. The registration of the companies closed on March 27, with 119 of them granted full approval and 54 still with conditions attached to their approval.

Background

The FCCPC, in collaboration with the Joint Task Force, created the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians. The disturbing activities of illegal loan apps in the country, including rights violations and unfair practices, also necessitated the need for registration.

Consequences

All unregistered loan apps in Nigeria will be removed from the Play Store by Google following the completion of the registration. Google had earlier issued an update to all loan apps in Nigeria to provide an approval document from the FCCPC, with the initial deadline set on January 31, 2023, before it was shifted to March 27.

List of approved digital money lenders

Here is a list of the digital money lenders approved by the FCCPC:

FCCPC list Full Approval:

  1. A1 Capital Solution Limited
  2. Aella Financial Solutions Limited
  3. Afrofirst Mobile And Technology Company Limited
  4. Afrosay Fintech Limited
  5. Afrowide Development Ltd
  6. Altracred Finance Investment Limited
  7. Apex Lending Limited
  8. Applink Capital Nigeria Limited
  9. Arve Limited
  10. Be Resources Limited
  11. Berly Spring Global Limited
  12. Bestfin Nigeria Limited
  13. Betterlending Company Limited
  14. Blackcopper Service Limited
  15. Blue Ridge Microfinance Bank Limited
  16. Branch International Financial Services Limited
  17. Carbon Microfinance Bank Limited
  18. Consynergy Limited
  19. Credit Tech Lending Company
  20. Creditville Microfinance Bank Ltd
  21. Creditwave Finance Limited
  22. Crevance Credit Limited
  23. Crossroads E-Payment Systems Limited
  24. Csense Limited
  25. Dover Credit Limited
  26. Easycheck Finance Investment Limited
  27. Econ Mart Fintech Limited
  28. Edmond Solutions Company Limited
  29. Eric Vsta Limited
  30. Fairmoney Micro Finance Bank
  31. Fast-Point Integrated Limited
  32. Fezotech Nigeria Limited
  33. Finnew Fintech Limited
  34. Fintcred Innovation Limited
  35. Flo Wood Lending
  36. Fluna Capital Limited
  37. Fubri Century Company Limited
  38. Giasun Technology Nigeria Limited
  39. Goharvest International Limited
  40. Grolatech Credit Limited
  41. Highcredit Nigeria Limited
  42. Hollandale Nigeria Limited
  43. Hometown Fintech Limited
  44. Ibs Golden Investment Company Limited
  45. Irorun Technologies Limited
  46. Jm Rubinus Limited
  47. Keenest Tech Service Limited
  48. Kiowope Capital Limited
  49. Lantana Technology Limited
  50. Lendvisery Services Limited
  51. Letshego Microfinance Bank Ltd
  52. Liberty Assured Limited
  53. Limited Finesest Limited
  54. Linkpark Technology Nigeria Limited
  55. Magnet Lending Limited
  56. Maven Finance Limited
  57. Maywood Lending Limited
  58. Menacred Company Limited
  59. Mim Finance Company
  60. Mino Sparks Limited
  61. Mino Sparks Limited
  62. Moblaspay Company Limited
  63. Neo-Link Technology Company Limited
  64. New Credage Nigeria Limited
  65. Newedge Finance Limited
  66. Newedge Finance Limited
  67. Nextpayday Limited
  68. Niz Services Limited
  69. Omalend Service Limited
  70. Orange Loan & Purple Credit Limited
  71. Orcom And Orcom Business Support Limited
  72. Otp Internet Technology Limited
  73. Oxymon Solution Limited
  74. P2Vest Technology Limited
  75. Papichou Technology Limited
  76. Pay Financial Technology Service
  77. Paycredit Limited
  78. Payhippo Limited
  79. Paylater Hub Limited
  80. Penaid Limited
  81. Pennee Technologies Limited
  82. Phoenix Payment Solution Limited
  83. Piska Tech Nigeria Limited
  84. Pivo Technology Limied
  85. Pockful Finance Limited
  86. Primera Microfinance Bank
  87. Princep Credit System Limited
  88. Prosperity Archipelago
  89. Provest Limited
  90. Quark Financial Nigeria Limited
  91. Raceova Nig. Limited
  92. Ragekay Global Investment Limited
  93. Rankcapital Limited
  94. Red Harbor Fintech Limited
  95. Red Planet Nigeria Limited
  96. Regxta Global
  97. Renmoney Microfinance Bank Limited
  98. Rock Financials Limited
  99. Rockit Lenders Nigeria Limited
  100. Rubystar Global Limited
  101. Service Ltd
  102. Singularity Technology Nigeria Ltd
  103. Skitloan Nigeria Limited
  104. Supreme Help Cooperative Society Limited
  105. Swipebill Technologies Nigeria Limited
  106. Sycamore Integrated Solutions Limited
  107. Ta Prime Limited
  108. Tajow Investment
  109. Ted Rocket Limited
  110. Trade Depot
  111. Trade Lenda Com Limited
  112. Trafalgar Associate Limited
  113. Ucplus Advance Limited
  114. Uni Technology Nigeria Ltd
  115. Value Driver Technology Solution Limited
  116. Veendhq Limited
  117. Windville Financial Nigeria Limited
  118. Xgo Finance Limited
  119. Yegon Tech Limited
  120. Yes Credit Company Limited

FCCPC list Conditional Approval

Meanwhile, the following companies were granted conditional approval and will need to fulfill additional conditions to be granted full approval:

  • Agro-Alied Services Limited
  • Aileron Business Solutions Limited
  • Alaton E-Technologies Limited
  • Aot Technologies Limited
  • Avi Financial Limited
  • Bequeath Group
  • Billybillionaire Limited
  • Black Mane Technology
  • Bluecheque Limited
  • Bridge Together Limited
  • Calgrove Fintech Limited
  • Chapulu Limited
  • Cittar Ventures Limited
  • Credsman Limited
  • Dewarimay Technologies Limited
  • Digiloanz Limited
  • Ecash Multilinks Limited
  • Eliezer Microfinance Bank
  • Empreservices Limited
  • Fednet Microfinance Bank Limited
  • Fingers Inc
  • Firefly Microfinance Bank Limited
  • Flocash Nigeria Limited
  • Fund Advance Limited
  • Gallery Advance Limited
  • Genesis Lever
  • Genie Technologies Limited
  • Getajobng Services Limited
  • Hicredit Investments Limited
  • Homzytechnology Limited
  • Innovative Investment Services Limited
  • Insureafrika.Com Limited
  • Interswitch Fintech
  • Kashnarte Technologies
  • Kofana Bright Capital
  • Kopa Limited
  • Kash Kash Technology
  • Magna Remittance
  • Mantra Capital Limited
  • Millard Fuller Foundation
  • Money Plant Limited
  • Moneyhive Limited
  • Mysafetynet Services Limited
  • Nbf Microfinance Bank Limited
  • Nicevibe International Limited
  • Octosense Technology Limited
  • Oneroof Technologies Limited
  • Online Hubng Limited
  • Oxford Commercial Services
  • Payabit Global Limited
  • Paycollect Global Limited
  • Payday Investment Limited
  • Paystack Payments Limited
  • Pulse Financial Services Limited
  • Qwickfunds Financial Services Limited
  • Quickcheck Technology Limited
  • Randani Technologies Limited
  • Repute Global
  • Resolve Microfinance Bank Limited
  • Rogue Finance Limited
  • Seamfix Nigeria Limited
  • Slot Systems Limited
  • Smedan Limited
  • Smileville Nigeria Limited
  • Smilewise Nigeria Limited
  • Spokes Lending Company Limited
  • Suntrust Microfinance Bank Limited
  • Sutechs Global Limited
  • Tambanz Solutions Limited
  • The Ngexchange Limited
  • Tinyvilla Microfinance Bank
  • Tradex Microfinance Bank Limited
  • Transsnet Financial Nigeria Limited
  • Tribe Square Limited
  • Ultra Trust Finance Limited
  • Vixmart Technologies Limited
  • Wawooh Money Limited
  • Wealthier Homes Limited
  • Wescove Fintech Limited
  • Wise Tech Communication Limited
  • Worldpay Technologies Limited

Loan app registration for safer lending practices

The need for loan apps registration was prompted by various allegations of rights violations and unfair practices against some of the digital lending companies operating in Nigeria. The FCCPC has also been working on a framework and guidelines for digital lending in Nigeria in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.

With the registration of these companies, consumers can have more confidence in the loan apps they use, as they have been approved by a government agency tasked with ensuring their compliance with regulations and ethical business practices. The removal of unregistered loan apps from the Play Store


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