No fewer than 173 loan applications to function in the nation have been approved by the Federal Competition and Consumer Protection Commission.
54 of the 173 have conditional approvals, and 119 have complete approvals. The FCCPC launched a registration campaign to defend citizens from the atrocities of these apps after loan apps began harassing Nigerians.
To control the digital lending market and make registration and approval requirements for businesses wishing to operate there, it published a “Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending.”
After several changes to the registration closing date, it was ultimately set to March 27, 2023. A list of authorized applications that may be used in the nation has now been made public by the commission. Businesses won’t be allowed to function in the area without approvals.
In August 2022, the FCCPC made the following statement regarding its campaign against digital lending apps: “In addition to the enforcement action(s), and in furtherance of the desire to promote fair, transparent, and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lendin.
“This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending.
“The guidelines also mandate different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.”
Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited are just a few of the approved loan applications mentioned by the commission.
Google will remove unapproved loans from the Play Store and make them inaccessible for download.
Google Play updated its Developer Program Policy in November, requiring digital money providers in Nigeria, India, Indonesia, the Philippines, and Kenya to abide by legal requirements.It was anticipated that this would go into effect on January 31, 2023. According to a TechCrunch story, Google removed hundreds of unapproved loan apps from the Kenyan Play Store in March.
A national group made up of government agencies was working together to stop the activities of illegal loan apps in the country, according to information released by the Nigerian Data Protection Bureau in February 2023.