REPORT | Digital Mobile Apps Leading and Driving Cross-Border Payments Ecosystem...
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REGULATION | Nigeria Registers and Approves 211 Loan Apps and Delists 45 from the Google Play Store
The necessity for registration of loan apps, including the 211 approved by the Federal Competition and Consumer Protection Commission (FCCPC), is driven by concerns about the questionable operations of these apps in the country. Issues such as unfair practices and rights abuses among other concerns have underscored the need for regulatory oversight in this sector.
The Nigerian federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has registered and approved 211 loan apps at the end of October 2023.
According to the regulator, despite the recent registration exercise that involved over 180 digital lenders, some of the registered lenders have been found to create new apps to continue their unethical practices. Nonetheless, he noted that any company found guilty of creating new apps to engage in unethical practices will face serious consequences.
Out of the 211 companies, 172 have received full approval from the Federal Competition and Consumer Protection Commission (FCCPC) while 39 others have conditional approval.
The Federal Competition and Consumer Protection Commission (FCCPC) had collaborated with the Joint Task Force (JTF) to develop the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.
The initiative is aimed to support equitable, open, and advantageous lending alternatives for Nigerians.
Meanwhile, the number of loan apps under the watchlist increased from 55 in September 2023 to 84 as of October 2023. Some of these apps include:
- CashLawn App
- EasyNaira App
- Crediting App
- Yoyi App
- Nut Loan App
- CashPal App
- NairaEasy Gist Loan App
- CamelLoan App
- NairaLoan App
- MoneytreeFinance Made Easy App
- CashMe App
- SecuCash App
- Creditbox App
- Cashmama App
- Crimson Credit App
- Galaxy Credit App
- Ease Cash App
- Xcredit
- Imoney
- Naira Naija
- Imoneyplus-Instant
- Nairanaija-Instant
- NowNowMoney
- Naija Cash
- GetLoan
Aside from those on watchlist, FCCPC said, it has, in partnership with Google, delisted a total of 45 loan apps from the Google Play Store. The delisted apps are those found to be operating illegally in the country.
In November 2022, Google, which lists many of the loan apps through its PlayStore product, announced that for loan apps in Nigeria, Google requires they have a ‘verifiable approval letter’ from the Federal Competition and Consumer Protection Commission (FCCPC).
Here is a full list of current loan apps approved and delisted by FCCPC as of November 2023.
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The cross-border payment ecosystem – comprising financial transactions between senders and recipients located in different countries – is experiencing tremendous growth, a new report by MasterCard says.
According to the November 2023 Mastercard Borderless Payment report, in 2022, total global remittances rose to $794 billion, with the cash inflows accounting for more than 15% of the GDP in 25 low and middle-income countries.
Global remittances are projected to reach more than $810 billion in 2023.
In 2023, mobile applications increased their share of usage while websites declined. At the same time, digital-first fintechs are leading bank apps.
The report, based on a survey of thousands of individuals and small businesses transacting across the globe, including South Africa, nonetheless found several key challenges that present financial services providers with immense revenue and growth opportunities.
“A smooth-running payments system is absolutely vital and no matter the delivery method or destination — whether cross-border or domestic, digital or in-person — security, speed and reliability are paramount.”
Incurring high costs is the main impediment to consumers transacting more frequently, the survey said. Survey participants said that transfer fees were often unclear and expensive, and they frequently were subject to unfavorable exchange rates.
One-third of respondents have experienced late or failed cross-border payments, while another third of those surveyed said their families back home have limited options to access the money they send.
Three key economic areas are driving the growth in cross – border payments:
- Remittances
- Gig Workers
Since the pandemic, the informal economy has grown rapidly. Wage disbursement volumes in the global gig economy are projected to reach $298 billion in 2023.5. Gig workers now account for about one in ten of consumers making or receiving cross-border payments.
More than half (53%) of cross-border payment users worked side jobs in 2023 – a number that rises to 79% among gig workers.
For SMEs, one of the emerging factors for growth is an increase in businesses who prefer to source their supplies internationally.
“SMEs indicate they are taking an increasingly global approach, with three in five sourcing more suppliers outside their own countries than 12 months ago.”
Read / Download the full report here.
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