FCCPC releases updated list of 170 approved loan apps in Nigeria
By Aboki Forex —
The Federal Competition and Consumer Protection Commission (FCCPC), working with the Central Bank of Nigeria (CBN), has updated its registry of approved digital lenders. Over 170 companies are now fully or conditionally licensed to operate legally in the country.
Borrowers who use unapproved loan apps risk harassment from recovery agents, hidden charges, data breaches, and difficulty reporting complaints to regulators. The FCCPC has repeatedly warned Nigerians to verify a loan app's status before borrowing, especially as illegal operators continue to appear in app stores.
Why FCCPC approval matters
FCCPC approval is not just a formality. It means a digital lender has met certain regulatory requirements, including consumer protection standards. The FCCPC, working alongside the CBN, updated its registry of digital lenders with over 170 companies now either fully approved or conditionally approved to operate legally in the country.
Borrowers who use unapproved apps face specific risks: harassment from loan recovery agents, unauthorised access to personal contacts, hidden charges and unfair loan terms, data privacy breaches, and difficulty reporting complaints to regulators.
Major approved loan apps on the list
FairMoney MFB is one of Nigeria's most popular loan apps, offering instant loans of up to ₦3 million with flexible repayment tenures. It is widely used for personal and business financing.
Branch provides collateral-free loans and adjusts borrowing limits based on a customer's repayment history, making it attractive to first-time borrowers. Renmoney MFB is known for offering larger personal loans and small business financing, with repayment plans tailored to borrowers' income levels.
PalmCredit remains a favourite for small, instant cash loans and frequently attracts users with zero-interest promotional offers. Carbon MFB combines digital banking services with credit facilities, allowing users to access higher loan limits over time.
OKash is backed by OPay and disburses funds directly into users' wallets, making it convenient for quick cash needs. QuickCheck uses AI-driven technology to process personal loan applications quickly, often within minutes. Aella Credit is particularly useful for salary advances and employee loans, offering short-term credit solutions for workers.
Other licensed digital lenders
Beyond the major apps, the FCCPC's updated registry includes several other licensed digital lenders and their associated platforms: Newedge Finance Limited which operates PalmCredit and NewCredit; Blue Ridge MFB which runs OKash and EaseMoni; Creditville; Lendigo which offers small business loans; Umba; Grola Tech Credit Limited which operates LionCash, Lairaplus, LCash, and Cashlion; Singularity Technology which runs Oxloan Pro; Soko Loan which operates 9ja Cash, Fast Money, and Go Cash.
Before taking a loan from any app, Nigerians should check the provider against the FCCPC's official directory of approved digital lenders. The registry is updated periodically and contains both fully approved and conditionally approved operators.
Borrowers should also read loan terms carefully, confirm interest rates, and avoid apps that request excessive permissions such as access to contacts, photos, or private messages.
What this means for Nigerian borrowers
With the FCCPC resuming digital lending regulation, the updated list serves as an important guide for Nigerians seeking safe, legal, and transparent loan options in an increasingly crowded fintech market. Borrowers who stick to approved apps can better protect themselves from harassment, hidden charges, and data privacy violations.