By the end of October 2023, 211 digital lending apps had been registered and approved, according to the Federal Competition and Consumer Protection Commission, also known as FCCPC.
News About Nigeria reports that this was revealed by the commission in a statement over the weekend.
It said that out of the 211 digital money application platforms, 39 have been given provisional certification and 172 have been given full permission.
In the meantime, there were 84 loan applications in October compared to 55 in September that were placed on the watchlist.
The FCCPC and the Joint Task Force (JTF) collaborated to create the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022 to provide Nigerians with fair, transparent, and beneficial lending options.
According to the Commission, registration was required due to the disturbing activities of illegal loan applications that are causing rights violations throughout Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) removed more than 180 registered lending applications, sometimes referred to as Digital Money Lenders (DMLs), off its website a few months ago.
According to the commission, they were taken out for “clean-up.” The notification on the FCCPC website said, “The list is undergoing a clean-up and will be made available as soon as possible.”
Speaking on Arise News Channel in July 2023, FCCPC Executive Vice-Chairman Babatunde Irukera pledged to remove the applications of digital lending app providers that harass and insult Nigerians to collect debts.
“We would ensure that any Google app that disparages users would no longer be able to conduct lawful business in Nigeria,” he told Arise News Channel.
