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REGULATION | Nigeria Registers and Approves 211 Loan Apps and Delists 45 from the Google Play Store
The Nigerian federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has registered and approved 211 loan apps at the end of October 2023.
According to the regulator, despite the recent registration exercise that involved over 180 digital lenders, some of the registered lenders have been found to create new apps to continue their unethical practices. Nonetheless, he noted that any company found guilty of creating new apps to engage in unethical practices will face serious consequences.
Out of the 211 companies, 172 have received full approval from the Federal Competition and Consumer Protection Commission (FCCPC) while 39 others have conditional approval.
The Federal Competition and Consumer Protection Commission (FCCPC) had collaborated with the Joint Task Force (JTF) to develop the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
The initiative is aimed to support equitable, open, and advantageous lending alternatives for Nigerians.
Meanwhile, the number of loan apps under the watchlist increased from 55 in September 2023 to 84 as of October 2023. Some of these apps include:
Aside from those on watchlist, FCCPC said, it has, in partnership with Google, delisted a total of 45 loan apps from the Google Play Store. The delisted apps are those found to be operating illegally in the country.
The necessity for registration of loan apps, including the 211 approved by the Federal Competition and Consumer Protection Commission (FCCPC), is driven by concerns about the questionable operations of these apps in the country. Issues such as unfair practices and rights abuses among other concerns have underscored the need for regulatory oversight in this sector.
In November 2022, Google, which lists many of the loan apps through its PlayStore product, announced that for loan apps in Nigeria, Google requires they have a ‘verifiable approval letter’ from the Federal Competition and Consumer Protection Commission (FCCPC).
Here is a full list of current loan apps approved and delisted by FCCPC as of November 2023.