Our clients, Acetech Finance Limited has received provisional approval of the Federal Competition and Consumer Protection Commission (“FCCPC”) as digital money lending company in Nigeria.
The FCCPC approval is based on compliance with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, established by the FCCPC to address the privacy rights violations and other illegal debt recovery practices by most digital money lenders.
This provisional approval of the FCCPC implies that Acetech Finance Limited has satisfied the requirements, registration obligations and submitted the relevant forms, policies or other documents or information as specified under the framework as well as compliance with the customers’ data protection requirements of the Nigerian Data Protection Bureau (“NDPB”) and membership registration of the Moneylenders Association of Nigeria (“MLA”).
With the provisional approval of the FCCPC, the company will have access to payment solutions services companies in Nigeria (like Paystack, Flutterwave, Monify, etc.) to facilitate its digital lending transactions, list its online lending App(s) on Google Playstore or similar platforms without any hindrance.
We rejoice with our client on this landmark achievement and commend the significant efforts of our team of lawyers who made this possible.
YOU CAN READ MORE BELOW ON HOW TO REGISTER A DIGITAL LENDING COMPANY WITH THE FCCPC:
