Registering your Nigerian Digital Lending Startup with the FCCPC

Federal Competition and Consumer Protection Commission (FCCPC), the regulatory authority responsible for, among other things reviewing economic activities in Nigeria that are anti-consumer and activities that might affect the economic interest of consumers recently published a Limited Interim Regulatory/Registration Framework for Digital Lending. The FCCPC which has powers to regulate and seek ways of removing or eliminating from the market, controversial technologies has created a form required to be duly completed, submitted and accompanied my required documents.

Federal Competition and Consumer Protection Commission

The FCCPC requires the following information from Digital lending startups

1. Name of the digital money lender
2. Physical address
3. Telephone number
4. Email Address
5. Website
6. Identity and nationality of initial promoters and directors
7. Sources of funding including – equity, debt, etc
8. Business affiliations
9. Consultants or Agents
10. Bankers
11. Proposed interest rate regime and loan balance calculation methodologies
12. Any license authorizing business to operate
13. List of applications currently deployed or to be deployed

FCCPC Nigeria

The FCCPC also requires certain other documents to be attached to this registration. This includes:

1. Incorporation documents
2. Tax clearance certificates or exemptions
3. Organograms among others

The registration framework applies immediately and becomes enforceable immediately. It requires permission to proceed in digital lending and it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending. Applicants are also required to authorize a representative to act on its behalf and if an authorized representative ceases to act for the Applicant, the Commission must be advised of it immediately .

Sidebrief

Sidebrief is a RegTech startup that makes business registration and compliance easy for founders, entrepreneurs, and business owners across Africa by removing lengthy paperwork, complexity, and hidden fees. We provide the tools for founders to start and scale businesses across borders from a single interface. Sidebrief acts as authorized consultants for Digital lenders who use our Comply product . Simply sign up to get started. – hello@sidebrief.com