106 digital lenders are now licensed to operate in Nigeria

Following the introduction of the digital lending regulatory framework in August 2022, the Federal Competition and Consumer Protection Commission (FCCPC) has approved the operation of 106 digital lenders in Nigeria.

Out of the 106, 65 received full approval, while the other 41 were given conditional approval, according to a list released by FCCPC on Wednesday (Jan. 25, 2022). This decision was reached by the Inter-Agency on Joint Task Force on Digital Lending Apps following their investigations.

Recall FCCPC has continued to crack down on predatory loan apps to protect the right of consumers in Nigeria. Last August, the commission ordered Nigerian fintechs to stop providing payment or transaction services to digital money lenders under its investigation.

Earlier in March 2022, FCCPC closed down and froze the bank accounts of six other predatory loan operators—GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni. The commission also ordered Apple and Google to take down these companies’ apps from their platforms. “Google has been very supportive, including providing their expert knowledge and experience in advising about what works best in achieving laudable regulatory objectives,” Babatunde Irukera, CEO of FCCPC, said in November 2022.

In the same month, Google announced that effective from January 2023 loan apps operating in Nigeria and Kenya will be required by Google to provide their operating licence in these countries or they will be removed from Google Playstore.

List of approved digital lenders in Nigeria

The aforementioned predatory loan operators that the FCCPC has closed down previously did not make the list.

However, notable Nigerian fintech companies like Sycamore, Trade Depot, Fairmoney, Pivo Africa, Payhippo and Carbon are among the digital lenders that received full approval. Meanwhile, Umba, a Nigerian digital bank that raised $15 million in Series A last year received conditional approval.

Find the list of the approved digital lenders in Nigeria, according to FCCPC below:

Full Approval

1. Sycamore Integrated Solutions Limited
2. TradeDepot
3. Tajow Investment
4. Blue Ridge Microfinance Bank Limited
5. Grolatech Credit Limited
6. Branch International Financial Services Limited
7. P2Vest Technology Limited
8. CreditWave Finance Limited
9. Keenest Tech Service Limited
10. Fairmoney Microfinance Bank
11. Altracred Finance Investment Limited
12. Crevance Credit Limited
13. Menacred Company Limited
14. Afrowide Development LTD
15. Red Planet Nigeria Limited
16. Afrofirst Mobile and Technology Company
17. RankCapitals Limited
18. IBS Golden Investment Company Limited
19. Lendvisery Services Limited
20. Creditwave Finance
21. Renmoney Microfinance Bank Limited
22. Swipebill Technologies Nigeria Limited
23. Hometown Fintech Limited
24. Giasun Technology Nigeria Limited
25. Be Resources Limited  
26. Rockit Lenders Nigeria Limited
27. Pivo Technology Limited  
28. YES Credit Company Limited
29. Fubril Century Limited
30. Irorun Technologies Limited
31. Csense Limited
32. Supreme Help Cooperative Society Limited
33. Orcom and Orcom Business Support Limited
34. Payhippo Limited.
35. Easycheck Finance Investment Limited
36. Quark financial Nigeria Limited
37. Edmond Solutions Company Limited
38. Ted Rocket Limited
39. Penaid Limited
40. Arve Limited
41. Dover Credit Limited
42. Ragekay Global Investment Limited
43. Maywood Lending Limited
44. Linkpark Technology Nigeria Limited
45. Mangnet Lending Limited
46. Rubystar Global Limited
47. Bestfin Nigeria Limited
48. Fubri Century Company Limited
49. Berly Spring Global Limited
50. Rock Financials Limited
51. Phoenix Payment Solution Limited
52. Afrowide Development Limited
53. Red Planet Limited
54. Value Driver Technology Solution Limited
55. Nextpayday Limited
56. Blackcopper Service Limited
57. Trafalgar Associate Limited
58. Windville Financial Nigeria Limited
59. Orange & Purple Credit Limited
60. Carbon Microfinance Bank Limited
61. Neo-Link Technology Company Limited
62. Finnew Fintech Limited
63. OTP Internet Technologies
64. Red Harbor Fintech Limited
65. Paylater Hub Limited

Conditional Approval

1. Trippdbase Limited
2. Owoafar Fintech Service
3. Afrofirst Mobile and Technology Company Limited
4. Orcom and Orcom Business Support Limited
5. Beryl Spring Global Limited
6. Hometown Fintech Limited
7. Ajax Lending Limited
8. Raceova Nig. Limited
9. Lantana Technology Limited
10. The Platform Digital Network Limited
11. Zippy Capital Limited
12. Tripobase Limited
13. Bestfin Nigeria Limited
14. Pocketfuel Finance Limited
15. Lending Edge Limited
16. Ted Rocket Limited
17. Penaid Limited
18. Altara Credit Limited
19. New Credage Nigeria Limited
20. Lendha Technologies Limited
21. Doja Lemaire Global Limited
22. Paydayhub Online Nigeria Limited
23. Retail Booster Limited
24. Finnew Fintech Limited
25. Fezotech Nigeria Limited
26. Citadele Capitals Limited
27. Fewchore Finance Company Limited
28. A1 Capital solution limited
29. One Payout Limited
30. Linkpark Technology Nigeria Limited
31. Lidya Global Limited
32. Red Planet Nigeria Limited
33. Kwaba International Limited.
34. Maywood Lending Limited.
35. Princeps Credit System limited
36. Linkpark Technology Nigeria Limited
37. Finpadi Technologies Limited
38. Better Lending Company Limited
39. Umba Digital Solutions Limited
40. Fintrade Solutions Limited
41. Aella Financial Solutions Limited