Step by step guide on the requirements for FCCPC for digital and money lending companies in Nigeria


7/27/20232 min read

In Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) is responsible for regulating competition and protecting the interests of consumers. While specific requirements may vary depending on the nature of the company and its operations, here are some general steps and considerations for the registration process for digital and money lending companies

1. Business Incorporation: Register your company as a legal entity with the Corporate Affairs Commission (CAC) in Nigeria. This involves choosing a business name, preparing the necessary documents, and completing the registration process.

2. Business Plan: Develop a comprehensive business plan that outlines your company's operations, target market, products or services offered, marketing strategies, financial projections, and compliance measures.

3. Licensing: Determine the specific licenses or permits required for your digital and money lending business. This could include obtaining a license from the Central Bank of Nigeria (CBN) for financial services or operating as a mobile money operator. Consult with the CBN and other relevant regulatory bodies to identify the specific licenses needed for your operations.

4. Compliance with Laws and Regulations: Ensure compliance with relevant laws and regulations, such as the Nigerian Communications Act, Data Protection Regulations, Money Lenders Act, and other applicable legislation. Familiarize yourself with the requirements and obligations related to data protection, privacy, customer rights, fair competition, and consumer protection.

5. Documentation and Application: Prepare the necessary documents required for FCCPC registration, which may include:

· Completed application form obtained from the FCCPC.

· Certificate of incorporation from the CAC.

· Certified true copies of the company's memorandum and articles of association.

· Tax clearance certificate.

· Business plan.

· Evidence of compliance with relevant industry regulations and guidelines.

· Identification documents of company directors or key personnel.

· Any other documents specified by the FCCPC.

6. Submission and Review: Submit the completed application and supporting documents to the FCCPC. The commission will review your application and may request additional information or documents during the process.

7. Payment of Fees: Pay the prescribed registration fees as determined by the FCCPC.

8. Inspection: The FCCPC may conduct an inspection or due diligence exercise to verify the information provided in the application and ensure compliance with regulations.

9. Registration Approval: Upon successful review and completion of all requirements, the FCCPC will issue a registration certificate or license, indicating that your digital and money lending company is now registered and compliant with the commission's regulations.

It is important to note that the registration process and requirements may vary depending on the specific nature of your business, so it is advisable to consult legal professionals or directly engage with the FCCPC for precise and up-to-date information.

Additionally, keep in mind that the regulatory landscape can change over time, and new laws or regulations may be introduced that could impact the requirements for digital and money lending companies.