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FCCPC Okays 94 Digital Money Lenders to Curb Loan Sharks

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digital money lenders

By Adedapo Adesanya

As part of the plans to curb the spread of loan shark activities in the country, the Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 digital money lenders in Nigeria, while also keeping an eye on practices from international entities like Singapore money lender to ensure comprehensive regulation.

From the cache of companies, the commission stated that only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval.

The agency disclosed this in an update on its ongoing registration of digital money lenders in the country.

Nigerians have been the target of unlicensed loan apps, otherwise known as loan sharks., which has brought disgrace and threat to unsuspecting users.

FCCPC said it came up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.

The guidelines require digital lenders to register with the FCCPC and complete two forms; Form DLG 001 and Form DLG 002. Form DLG OO1 is the registration form that requires the applicant company to provide identification and operational information to the FCCPC, while Form DLG 002 contains declarations relating to legitimacy; compliance with applicable regulatory requirements; lawful source of funds and conformity with anti-money laundering; and data protection laws.

Recall that the commission had last year given all the digital money lenders 90 days to comply with these guidelines; it later extended the deadline, which expired on November 14, 2022, to January 31, 2023.

This is a list of the 49 digital money lenders that have secured full approval from the FCCPC:

SYCAMORE INTEGRATED SOLUTIONS LIMITED

TRADE DEPOT

TAJOW INVESTMENT

BLUE RIDGE MICROFINANCE BANK LIMITED

GROLATECH CREDIT LIMITED

BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED

P2VEST TECHNOLOGY LIMITED

CREDITWAVE FINANCE LIMITED

KEENEST TECH SERVICE LIMITED

FAIRMONEY MICRO FINANCE BANK

ALTRACRED FINANCE INVESTIMENT LIMITED

CREVANCE CREDIT LIMITED

MENACRED COMPANY LIMITED

AFROWIDE DEVELOPMENT LTD

RED PLANET NIGERIA LIMITED

AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED

RANKCAPITALS LIMITED

IBS GOLDEN INVESTMENT COMPANY LIMITED

LENDVISERY SERVICES LIMITED

CREDITWAVE FINANCE LIMITED

RENMONEY MICROFINANCE BANK LIMITED

SWIPEBILL TECHNOLOGIES NIGERIA LIMITED.

HOMETOWN FINTECH LIMITED

GIASUN TECHNOLOGY NIGERIA LIMITED

BE RESOURCES LIMITED

ROCKIT LENDERS NIGERIA LIMITED

PIVO TECHNOLOGY LIMIED

YES CREDIT COMPANY LIMITED

FUBRIL CENTURY LIMITED

IRORUN TECHNOLOGIES LIMITED

CSENSE LIMITED

SUPREME HELP COOPERATIVE SOCIETY LIMITED

ORCOM AND ORCOM BUSSINESS SUPORT LIMITED

PAYHIPPO LIMITED.

EASYCHECK FINANCE INVESTMENT LIMITED

QUARK FINANCIAL NIGERIA LIMITED

EDMOND SOLUTIONS COMPANY LIMITED

TED ROCKET LIMITED

PENAID LIMITED

ARVE LIMITED

DOVER CREDIT LIMITED

RAGEKAY GLOBAL INVESTMENT LIMITED

MAYWOOD LENDING LIMITED

LINKPARK TECHNOLOGY NIGERIA LIMITED

MANGNET LENDING LIMITED

RUBYSTAR GLOBAL LIMITED

BESTFIN NIGERIA LIMITED

FUBRI CENTURY COMPANY LIMITED

BERLY SPRING GLOBAL LIMITED.

These 45 companies have secured conditional approvals from the commission. This means that they still have some requirements to meet before they can get the full approval:

TRIPPDBASE LIMITED

BLACKCOPPER SERVICE

OWOAFAR FINTECH SERVICE

PAYLATER HUB

WINDVILLE FINANCIAL NIGERIA LIMITED

AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED

ORCOM AND ORCOM BUSINESS SUPPORT LIMITED

OTP INTERNET TECHNOLOGY LTD

RED HARBOR FINTECH LIMITED

BERYL SPRING GLOBAL LIMITED

HOMETOWN FINTECH LIMITED

AJAX LENDING LIMITED

RACEOVA NIG. LIMITED

LANTANA TECHNOLOGY LIMITED

THE PLATFORM DIGITAL NETWORK LIMITED

ZIPPY CAPITAL LIMITED

NEO-LINK TECHNOLOGY LIMITED

TRIPOBASE LIMITED

BESTFIN NIGERIA LIMITED

POCKETFUEL FINANCE LIMITED

LENDING EDGE LIMITED

TED ROCKET LIMITED

PENAID LIMITED

ALTARA CREDIT LIMITED

NEW CREDAGE NIGERIA LIMITED

LENDHA TECHNOLOGIES LIMITED

DOJA LEMAIRE GLOBAL LIMITED

PAYDAYHUB ONLINE NIGERIA LIMITED

RETAIL BOOSTER LIMITED

FINNEW FINTECH LIMITED

FEZOTECH NIGERIA LIMITED

ORANGE LOAN & PURPLE CREDIT LIMITED

CITADELE CAPITALS LIMITED

FEWCHORE FINANCE COMPANY LIMITED

A1 CAPITAL SOLUTION LIMITED

ONE PAYOUT LIMITED

LINKPARK TECHNOLOGY NIGERIA LIMITED

LIDYA GLOBAL LIMITED

PHOENIX PAYMENT SOLUTIONS LIMITED

RED PLANET NIGERIA LIMITED

KWABA INTERNATIONAL LIMITED.

MAYWOOD LENDING LIMITED.

PRINCEPS CREDIT SYSTEM LIMITED

LINKPARK TECHNOLOGY NIGERIA LIMITED

FINPADI TECHNOLOGIES LIMITED.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Banking

Customs to Penalise Banks for Delayed Revenue Remittance

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edo Revenue Collection

By Adedapo Adesanya

The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.

This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.

“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.

“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.

“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”

Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.

He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.

“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.

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Banking

First Bank Deputy MD Sells Off 11.8m First Holdco Shares Worth N366.9m

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By Aduragbemi Omiyale

The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.

A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.

It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.

The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.

Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.

He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.

Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.

He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.

He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.

At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.

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Banking

How FairMoney Is Powering Financial Inclusion for Nigerian Hustlers

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Financial Inclusion for Nigerian Hustlers

By Margaret Banasko

Urbanization is reshaping Nigeria’s economic landscape, creating new possibilities for millions of young people who relocate each year in search of opportunity. Cities like Lagos, Kano, and Abuja continue to expand as ambitious Nigerians leave their hometowns with the hope of building stable, sustainable livelihoods.

Recent figures highlight the pace of this shift. As of 2024, more than half of Nigeria’s population – around 128 million people – live in urban areas. Many of these individuals are young entrepreneurs and self-employed workers determined to turn their skills, ideas, and hustle into meaningful income. However, navigating the financial requirements needed to sustain and grow a small business is often challenging for those operating in informal or early-stage sectors.

This is where digital financial platforms have become transformational. With only a mobile phone, an internet connection, and a Bank Verification Number (BVN), Nigerians are increasingly able to access a wider range of financial tools designed to support their daily needs and long-term goals. FairMoney is among the institutions driving this progress by offering services that meet people where they are and support their ambition to grow.

Aigbe Osasere’s experience reflects this evolution. He moved from Benin City to Lagos with the goal of establishing a fish farming business in Ijegun, Alimosho. His vision was clear: create a small, efficient operation that could supply fresh fish to local buyers. Like many small business owners, he needed reliable access to funds to purchase fingerlings, buy feed, replace equipment, and maintain steady production. Managing these cycles required financial tools that matched the fast pace of his operations.

Through the FairMoney app, Aigbe gained access to digital banking services immediately after completing BVN verification. The availability of instant loans provided the flexibility he needed to restock quickly and maintain continuous production. For a business model where timing is central to profitability, this support allowed him to keep his operations consistent and responsive to customer demand.

Opening a FairMoney bank account and receiving a physical debit card further strengthened his business structure. Bulk buyers began paying him directly into his account, giving him clearer financial records and better visibility into his daily revenue. With his debit card, he could purchase supplies, withdraw cash conveniently, and manage his finances in a more organized way.

Aigbe also adopted FairMoney’s savings features to help him preserve and grow his earnings. By setting aside a portion of his daily sales, he is gradually building the capital needed to increase his fish tanks, expand his capacity, and move toward a more scalable operation.

Beyond supporting his business, FairMoney has become part of his everyday life. From the app, he sends money to family members, pays bills, buys airtime and data, and settles electricity tokens quickly and efficiently. This convenience allows him to focus more fully on running and growing his business.

Aigbe’s story is one example of how digital banking is broadening access to financial services across Nigeria. Entrepreneurs, freelancers, traders, and young workers are increasingly leveraging digital platforms to manage money, plan for growth, and participate more actively in the financial system.

As more Nigerians pursue self-employment and urban entrepreneurship, tools that offer accessibility, speed, and flexibility are playing an important role in supporting their progress. With FairMoney, many are finding a dependable partner that aligns with their goals, their pace, and their vision for the future.

Margaret Banasko is the Head of Marketing at FairMoney MFB

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