FCCPC gives update on approval of 173 digital lending apps

The Federal Competition and Consumer Protection Commission, FCCPC, is yet to approve 173 digital lending applications in the country.

Ondaje Ijegwu, FCCPC’s Head of Public Relations, disclosed this to DAILY POST on Tuesday while reacting to a report that the commission has okayed the digital lending applications.

According to the widely-circulated report, 119 of the 173 lending applications have full approvals while 54 have conditional approvals.

Ijegwu, however, explained that the report was misleading.

“The report is partially correct and incorrect; we await the Executive Vice Chairman of FCCPC’s approval on a statement on the issue,” he said.

FCCPC, in line with its mandate, embarked on the registration of digital lending apps to sanitise the industry of fraudulent operators.

After several postponements of the deadline for digital lending apps to apply, the commission ended the process on March 27, 2023.

FCCPC said companies need approvals to be able to operate in the space.

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