492 Loan Apps Register Under FCCPC’s N100 Million Rule

Following the implementation of the Federal Competition and Consumer Protection Commission’s (FCCPC) new regulations for digital lending companies, the number of registered apps in Nigeria has increased to 492. This move comes after a ₦100 million fine was imposed on non-compliant lenders. The regulations aim to curb unethical practices prevalent within the industry, particularly harassment and data misuse by unregulated loan apps.