Wednesday, May 31, 2023

FCCPC extends deadline for registration of loan Apps

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tiamin rice

The Federal Competition and Consumer Protection Commission, FCCPC, has extended the deadline for the registration of Digital Money Lenders, DMLs.

A statement by Babatunde Irukera, the Chief Executive Officer, CEO, of the commission in Abuja on Friday, said the deadline of 90 days expired on November 14.

He said the commission considered that some DMLs were still in the process of their registration and extended the deadline to January 31, 2023.

“On August 18 in furtherance of the collaboration of the Inter-Agency Joint Task Force, the FCCPC conducted enforcement actions in Lagos with respect to certain DMLs.

“In view of the desire to promote fair, transparent and beneficial alternative lending opportunities, the Joint Task Force (JTF) established a mutually adopted Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.

“Subsequently, the commission commenced the registration of DMLs.

“By an Order and Notice of the Commission on Aug. 17, existing DMLs were required to comply in not later than 90 days to confirm their business is uninterrupted.

“The commission has also created a publicly accessible list of the DMLs that have been granted approvals/conditional approvals,” Mr Irukera said.

The CEO said the list of DMLs granted approval would be updated regularly and could be accessed at lenders-8apps/link.


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