FCCPC Updates Nigeria Register of Approved Loan Apps

In Short

Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has updated its register of approved digital loan apps, listing more than 400 digital money lenders authorised to operate in the country.

What Happened

The FCCPC published an updated register of approved digital money lenders, as part of its oversight of Nigeria’s fast-growing digital lending market.

Digital money lenders are companies that give loans through mobile apps and websites, often with quick sign-up and short repayment periods.

The updated register lists lenders that the FCCPC says have met its regulatory requirements to operate. The aim is to make it easier for borrowers to tell which loan apps are authorised and which are not.

The list includes a mix of fintech lenders, microfinance-linked apps, and credit platforms. Examples shown on the register include Creditville, P2Vest, PaydayHub, TradeDepot, Sycamore, Fluna, Branch, Umba, and Allawee.

Other outlets also noted that Suplias Technologies Limited, which operates Obtainly, appears on the FCCPC register.

Why It Matters

Nigeria’s loan app market has grown quickly, but it has also attracted complaints about unclear pricing, aggressive collections, and apps that operate without proper approval.

A public register helps consumers verify lenders before sharing sensitive data like bank details, contacts, and identity documents. It also helps employers, merchants, and app stores spot regulated operators.

For lenders, being listed can reduce distribution risk. It can make partnerships easier with banks, payment providers, and credit bureaus, which are the firms that track borrowing and repayment history.

The next test will be enforcement. A register works best when regulators and platforms consistently remove unapproved loan apps and take action against repeat offenders.