The Federal Competition and Consumer Protection Commission, FCCPC, says it has registered and approved 211 digital loan apps at the end of October 2023.
The commission disclosed this in a statement during the weekend.
It stated that of the 211 digital money apps, 172 have received full approval, while 39 others have received conditional approval.
Meanwhile, the number of loan apps under the watchlist increased from 55 in September to 84 in October.
DAILY POST reports that the FCCPC had developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in partnership with the Joint Task Force (JTF) to support equitable, open and advantageous lending alternatives for Nigerians.
The Commission said the unsettling operations of illicit loan apps across Nigeria leading to right abuses made registration necessary.
