Our clients, Fezotech Nigeria Limited and Moblaspay Limited have received full approval of the Federal Competition and Consumer Protection Commission (“FCCPC”) as digital money lending companies in Nigeria.
The FCCPC approval is based on full 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 full approval of the FCCPC implies that Fezotech and Moblaspay have not only satisfied the requirements, registration obligations and submitted the relevant forms, policies or other documents or information as specified under the framework but also complied 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 full approval of the FCCPC, both Fezotech and Moblaspay will have unlimited access to make use of the any of the payment solutions services companies in Nigeria (like Paystack, Flutterwave, Monify, etc.) to facilitate their digital lending transactions with their respective customers, list their online lending Apps on Google Playstore or similar platforms without any hindrance.
We rejoice with our clients 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:
