173 applications for digital loans to operate in the nation have been accepted by the Nigeria’s federal government and Consumer Protection Commission.
54 of the 173 have provisional permissions, while 119 have full approvals. The FCCPC launched a registration effort to defend individuals from the abuses of these applications when loan apps began bothering Nigerians.
To govern the digital lending market and create registration and approval requirements for businesses wishing to operate there, it published a “Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022.”