The Nigerian government has barred illegal online banking after announcing the approval for 173 digital lending applications to operate in the country.
The Federal Competition and Consumer Protection Commission (FCCPC) made this known in a statement issued on Monday, April 4, 2023.
Of these, 119 have full approvals while the other 54 have conditional approvals. The move follows a registration drive launched by the FCCPC aimed at protecting citizens from the unsavoury practices of loan apps.
It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space.
After shifting its deadline multiple times, it finally adopted March 27, 2023, as the close of registration. The commission has now released a list of approved apps that can operate in the country. Companies without approvals will not be able to operate in the space.
