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The FCCPC, working with the CBN, updated its registry of approved digital lenders, with over 170 companies now licensed to operate Nigerians who borrow from unapproved loan apps risk harassment, hidden charges, data breaches, and difficulty reporting complaints to regulatorsFairMoney, Branch, Carbon, OKash, and PalmCredit are among the regulated platforms on the updated FCCPC list
Nigeria’s digital lending space has grown rapidly, but so have concerns over harassment, hidden charges, and data privacy violations.
As the Federal Competition and Consumer Protection Commission (FCCPC) resumes stricter regulation of online lenders, borrowers are being urged to deal only with approved loan apps.
FCCPC resumes digital lending regulation and updates list of registered loan apps. Credit: NovatisSource: Getty Images
The FCCPC, working alongside the Central Bank of Nigeria (CBN), has updated its registry of digital lenders, with over 170 companies now either fully approved or conditionally approved to operate legally in the country.
FCCPC approval is not
