FG approves 173 loan apps, bars illegal online banks

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The Federal Competition and Consumer Protection Commission has approved 173 digital lending applications to operate in the country.

Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these 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.

Commenting on its effort against digital lending apps in August 2022, the FCCPC said, “In addition to the enforcement action 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 Lending, 2022 as the first and...

“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.

 

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Me i no get Covid 20 loan

Confused people

I hope newcredit is among the barred once bcos those people na BIG thief's Dem be...

So, access bank myaccessbank I need to activate my ATM at your branch here in kubwa F.C.T, Abuja. Please I’m pleading now oh! It’s to early for its network to go out. Contact your corespondents to work on it. ASAP!

(buhari) as you an your apc government they collet loans wey una no they use do anything una pot for pocket 😂😂,so that is what you people have to offer your citizens for 8years chiai apc, and una won bring another one for 8years again hmm wahala wahala wahala

APC have sold Nigeria to themselves, now they want us to be borrowing from them so they imposed more suffering on us as taxes, the same reasons they introduced money policy and Naira redesign. They want to rule as PDP have done in the past

Dis Government don't ready to rescue his citizen from hardship and bad economy y dey are introduce their citizen into app loan... People's we used loan to feed, pay Nepa bill and others things...hmmm

Another achievement for this criminal MBuhari

This government sef🤡🤡😡🤬

Ah.... Gbese re oooo How will a suppose giant of Africa encourage her citizens with approval of loan apps. Nigeria is BROKE

Loan apps greater than online banks😂😂😭

While it s FG approving loan apps?

Because borrowing is in his blood ... now Nigerians can borrow in peace and pay later at will

Palmpay no join 🙏

Why won't they approve more loan apps when they have already increase the interest rate to 10%. The country is dead, small business will crumble

Opay no dey pay again ?

The illégal ones will just run mergers. Interestingly, they are owned by almost same group. . . So, they'd just let of of their other ends.

nombahq Why haven't you worked on my savings withdrawal just as you promised? Or do you people want to corner the money?

Very soon federal government will to borrow from loan apps as china has refused to borrow us again 😀

Hope say palmpay dey among the ones wey dem ban sha😆

Abeg list them,I wan check something

30% interest loan apps... and this is supposed to help small medium enterprise...

myaccessbank is another day again please I need this money I'm afraid of using myaccessbank to receive money, please cenbank tell myaccessbank that I need my money back to my account please,

Incomplete story

173 loan apps? This country sha just want make we dey borrow money upandan

What do you expect from President that alway borrows money

Opay might be among

Lol 😂

Wetin concern me 😊 you disturb me, I borrow, and if I can't pay, blame the country not me 🤷

Make we sha dey borrow borrow abi

Like seriously, this isn't a good news to be broadcasted at all. Kuku say you want put your citizens into borrowing exile. Nothing has been ever good about this APC government. I am just disappointed the way some people are not seeing this? Can USA for example approve such?

173 olorun oo

Listing please

I think this people don't know the next thing to do

Useless FG they wan use loan apps kill Nigerians

Opay oooooo

Smh Baba don’t even know what he sign into

If anything do my palmpay ehh me and FG go do am man to man

Arrant nonsense

Kindly list the apps

How difficult is it to list all the apps and online banks

So as fg the collect loans they too they encourage their citizen to the collects loan abi, mad pple. Loan app no give anybody loans make them go meet ppple wey them vote for

A Borrowers will always remain on a siege of captives of is lenders........ However until he became productive. As an exchange rate to is lender nothing I will changed.

What the essence of this nonsense?

Lol

Gbogbo owo teegbemi lawon omoyin mapor Eori bawon arailu seun pariwo ebi 💔

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