The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of Primera Microfinance Bank (MfB) as a digital lender in Nigeria.
This development follows the investigation by the Inter-Agency Joint Task Force on the Digital Lending Apps, after which the FCCPC mandated the registration of moneylenders to the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022.
In an update, yesterday, the commission stated that the framework would enhance transparent, fair and beneficial alternative lending options in the country.
“The criteria used in granting the approvals include: legitimacy, compliance with applicable regulatory requirements, lawful source of funds and conformity with anti-money laundering and data protection laws.
“Primera MfB, having fully met all the criteria of the commission, has been granted a full approval to launch and engage in digital lending in Nigeria,” the statement reads.
Responding to the announcement, the Chief Executive Officer, Primera MfB, Unwana Esang said: “This authorisation demonstrates the quality of our banking and lending proposition to meet the demands for best-practice digital financing in Nigeria. It also strengthens our commitment and drive to deepen financial inclusion and provide affordable and convenient access to credit for individuals, households and businesses in our economy.
“These objectives go to the very heart of our business, reaching the unbanked and under-banked, and providing financial access and advisory support to Micro, Small and Medium-scale Enterprises (MSME), alongside the provision of investment opportunities for every income demographic in Nigeria. This approval is indeed deeply motivating and satisfying in our quest to meet these strategic goals.”
The bank further applauded FCCPC’s move to sanitise the digital lending space in Nigeria, indicating that such measures would foster sustainable lending practices, innovation and consumer protection.
