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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.

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

ICPC Arrests Bank Manager for Failure to Properly Load Cash into ATMs

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FCMB manager ATMs

By Aduragbemi Omiyale

The Operation Manager of a branch of a commercial bank in Osogbo, Osun State, has been arrested by operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

A statement issued by ICPC on Friday disclosed that the bank manager was apprehended by its compliance team and taken in for questioning.

It was alleged that the banker loaded the bank’s Automated Teller Machines (ATMs) with cash with their wrappers un-removed, thus preventing the cash from being dispensed to customers, who have formed long queues amid a scarcity of the Naira in the country.

According to the statement, when it discovered this anomaly, the team directed that the wrappers are removed, and the cash be loaded properly.

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the team discovered that one of the ATMs was still loaded with the wrappers un-removed,” the statement said, prompting his arrest.

In a related development, an official of another commercial bank in Abuja has been apprehended by the commission. The bank official was accused of deliberately refusing to load cash into the branch’s ATMs even when the cash was available and people were queuing at the ATM terminals.

According to the ICPC, when its monitoring team arrived at the bank at about 1:30 pm to ensure compliance and demanded an explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash.

But the agency claimed that available facts indicated that the branch took delivery of the cash around 11:58 am and either wilfully or maliciously refused to feed the ATMs with the cash.

Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“Investigations are still ongoing, and the commission will take appropriate actions as soon they are concluded,” a statement from the ICPC said.

The organisation explained that it embarked on the monitoring “in continuation of its clampdown at elements frustrating efforts in making the redesigned Naira notes available to members of the public.”

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Banking

Union Bank Secures IFC’s $30m Loan to Finance Trade, SMEs

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Union Bank $30m loan

By Aduragbemi Omiyale

A loan worth $30 million has been secured by Union Bank of Nigeria Plc from the International Finance Corporation (IFC) to support small businesses in the country.

It was gathered that the credit facility would boost access to finance for small and medium enterprises (SMEs) in Nigeria and support increased trade, as it would enable the bank to expand lending to hundreds of businesses operating in critical sectors in the country, including food, healthcare, manufacturing, and services.

The $30 million loan will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cashflows have been strained by recent disruptions in global and local markets.

“As a bank, we are deeply committed to enabling success for SMEs. We understand the critical role of small businesses in leading Nigeria’s economy towards growth.

“This funding from IFC will enable us to extend financial relief to our customers during this difficult time. I am confident that the funds will help these businesses harness opportunities and preserve jobs,” the chief executive of Union Bank, Mr Mudassir Amray, said.

Also commenting on the development, IFC’s Senior Country Manager for Nigeria, Liberia and Sierra Leone, Mr Kalim Shah, said, “Strengthening supply chains and trade flows through working capital financing sets the stage for faster growth and economic diversification in Nigeria.

“IFC’s partnership with Union Bank is part of a wider strategy to ensure the flow of goods and services are sustained despite global trade disruptions.”

The credit facility to Union Bank is being made through IFC’s COVID-19 Emergency Response Working Capital Solutions Envelope, which was launched in 2020 to provide funding to existing IFC clients in emerging markets that will then extend new loans to companies affected by the economic impacts of COVID-19.

Recent disruptions to the global economy following COVID-19, including from rising inflation and limited access to finance, have left many businesses in Nigeria, particularly SMEs, struggling with supply chain shortages, increased cost of doing business and limited trade growth.

The partnership with Union Bank underscores IFC’s commitment to supporting smaller businesses in Nigeria, helping them preserve and create jobs and access critical inputs.

The loan is supported by the blended finance facility of the International Development Association’s Private Sector Window, which mitigates the financial risks associated with investments in sectors like SMEs and agribusiness.

IFC has an active investment portfolio of $2.3 billion in Nigeria – the second largest in Africa after South Africa – across sectors including agribusiness, healthcare, manufacturing, infrastructure, technology, and financial services.

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Banking

New Notes: CBN Directs Banks to Payout Maximum N20,000 Daily Via Tellers

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New Naira Notes

By Aduragbemi Omiyale

Deposit Money Banks (DMBs) have been directed by the Central Bank of Nigeria (CBN) to pay their customers the new Naira notes a maximum of N20,000 daily.

This was contained in a statement issued on Thursday, February 2, 2023, by the apex bank, signed by its spokesman, Mr Osita Nwanisobi.

According to the CBN, this development is to ease the sufferings Nigerians are going through to access the new banknotes from their banks and other channels.

Earlier, Business Post reported that commercial banks were not paying their customers because of a cash crunch. Most banks were unable to honour the cash withdrawals of their customers because they had no new notes to pay and were not allowed to pay with the old currency notes.

In the statement released today, the central bank said it “noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.”

The bank said to ease the pressure, the Governor of the CBN, Mr Godwin Emefiele, “has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over-the-counter (OTC), subject to a maximum daily payout limit of N20,000.”

However, the CBN warned “Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” stressing that, “The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.”

The apex bank urged “members of the public to embrace and adopt other payment channels for their transactions.”

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