How to get your FCCPC license as a Nigerian digital lender

Digital lending is a profitable business that helps people build their dreams. Just like in every country, lending is a highly regulated business and to launch your loan app, you would require a license from the Federal Competition and Consumer Protection Commission (FCCPC).

While this was not the case before 2022, when the activities of unethical lenders became extremely damaging to Nigerians and the economy, FCCPC issued the?Limited Interim Regulatory/Registration framework that warranted all digital lending businesses in Nigeria to secure the FCCPC’s license within the prescribed 90-day ultimatum to remain operational without disruption. This Limited Interim Regulatory/Registration Framework for Digital Lending is the Commission’s approach to regulating the digital lending space and making provisions for the requirements for approval/registration to carry out the business of digital lending in Nigeria.

This move by the FCCPC has also aided in regulating lenders’ actions by protecting consumer rights from violation. The FCCPC has also repeatedly assured digital lenders that the licensure is just as much of a protection to digital lenders as it is to consumers. It is pertinent to remember that we’re all first and foremost consumers of products and services.

Want to know how to get one? Click on here to find out

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