The number of companies approved to provide loans to Nigerians through digital platforms popularly known as loan apps has surged to 380 this February from 320 in October last year.
The 380 companies now serving the digital loan market have secured approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or a license from the Central Bank of Nigeria to provide the service.
A look at the FCCPC database shows that 322 of the digital lenders have been granted full approval by the Commission, while 42 others are operating with conditional approval.