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The number of companies authorized to provide digital loans to Nigerians, commonly referred to as loan apps, has increased to 320 in September, up from 284 in May.
The 320 companies now operating in the digital loan market have received approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria (CBN) to provide these services.
A review of the FCCPC database shows that 264 of the digital lenders have received full approval from the Commission, while 42 others are operating with conditional approval. Additionally, 14 companies are licensed by the CBN.
This increase comes as demand for loans continues to surge due to worsening economic conditions in the country.
Additionally, lenders report that loan applications from Nigerians have quadrupled this year.
