Tag: peer to peer lending

Introduction The Money Lending business in Nigeria has witnessed a paradigm shift particularly in the way money lenders do their business. Moreso, is the aggressive campaign by the Federal Competition Consumer Protection Commission (“FCCPC”) in collaboration with other law enforcement agencies to bring sanity into …

Aggressive Regulatory Enforcement against Unregistered Money Lenders In our earlier Koriat’s Update on Fintech Lending Law in Nigeria (January 2022), we provided update that the Federal Competition and Consumer Protection Commission (“FCCPC”) had announced that a Joint Committee (comprising federal regulators and law enforcement agencies) was set …

1. Strong Regulatory Supervision Builds up in the Fintech Lending Industry In November 2021, the Federal Competition and Consumer Protection Commission (“FCCPC”) announced that a Joint Committee was set up by the Federal Government to tackle violation of consumer rights and unfair practices in the money …

Introduction There is an increasing demand for fintech credit products in Nigeria for obvious reasons. The traditional financial institutions have failed the community of young entrepreneurs with their stringent conditions and slow procedure for access to funding. The money lender’s business leveraging the use of …