CBN’s Rate Hike: PamCredit, Branch, And 8 Other Loan Apps Adjust Interest Rates
- Following CBN’s recently increased interest rates, some loan apps have adjusted their rates to reflect the new rate
- CBN pegged the interest rate AT 18% at its recent Monetary Committee meeting
- About 10 loan apps released their interest rates, fixing them as low as possible to attract clients
Recently, the Federal Competition and Consumer Protection Council (FCCPC), released a list of about 173 approved online lenders and digital banks in Nigeria.
The Commission said it barred unapproved online digital banks from operating as legally recognized institutions.
Source: Getty Images
FCCPC’s action follows a barrage of complaints from Nigerians over rights violations and harassment from these online lenders.
Subsequently, FCCPC asked Apple and Google to delete unapproved loan apps from their stores,
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Reports say that the Commission stated that it plans to sanitise the micro-lending ecosystem in Nigeria by embarking on registering digital lending companies in the country.
FCCPC stated that 78 companies had secured complete approval as of January 2023 to operate as digital money lenders in Nigeria before releasing the updated list.
These digital lenders usually operate outside the operating guidelines of the Central Bank of Nigeria (CBN), which recently hiked interest rates to 18%.
Following CBN’s interest rates hike, some approved online lenders have released adjusted interest rates to reflect guidelines approved by the apex bank.
Online lenders and their interest rates
- Branch: 3-23%
Offers personal loans from N2,000 to N500,000
- FairMoney:2.5% to 30%
Offers loans from N1,500 to N1 million
- Carbon: 2% to 30%
- Okash: 0.1 to 1%
Offers N3,000 to N500,000 in personal loans
- Aella Credit:22% to 264%
- QuickCheck: 1-21%
Offers N1,500 to N500,000 in interest rates
- Umba: 10%
Offers N2,000 to N30,000 in personal loans
- Newcredit: 4%
Offers N10,000 to N300,000 in personal loans
- Ease Cash: 5 to 20%
Offers personal loans of N1,000 to N100,000
FG releases updated list of approved digital money lenders and banks in Nigeria, adds popular names
Legit.ng earlier reported that the Federal Competition and Consumer Protection Commission (FCCPC) had released a new list and added about 173 companies approved to operate as loan apps and digital money lenders.
The development follows the March 27, 2023, deadline given by FCCPC for registering the companies.
About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfill other terms and conditions set by the Commission, a Nairametrics report said.
Source: Legit.ng
