Data released by the Nigeria interbank settlement system (NIBSS) shows that the volume of transactions performed electronically by Nigerians surged 55 percent in January 2023.

Further, the naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy also pushed Point of Sales transactions to N807.16bn in January 2023.

As a result of these, Nigerians should embrace alternative payment channels such as eNaira, USSD, and other internet banking facilities as the country moves toward an alternative payment regime available around the world.

Dr. Abdulmumin Isa, Ag. Director, Corporate Communications Department, stated this yesterday during the CBN Special Day at the 34th Enugu International Trade Fair.

He indicated that Nigeria could not manage to fall behind in the financial ecosystem and that President Muhammadu Buhari’s recent redesign of some naira denominations was in the best interests of the country and economy, as well as in line with international best practices.

Isa, who was represented by an Assistant Director, Esu Imo, stated that the policy had begun to strengthen macroeconomic fundamentals, moderate inflation, and increase the rate of financial inclusion. He also stated that the policy has resulted in relative exchange rate stability and that he supports the country’s efforts to combat banditry and ransom-taking.

He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently launched the National Domestic Card Scheme – the first in Africa, stressing that the idea was expected to not only lower operating costs for banks but also reduce the huge foreign exchange costs associated with operating foreign card schemes.

He said the bank has continued to encourage various interventions aimed at stimulating production and productivity across the real sector, disclosing that over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on 6.02 million hectares benefitted from the Anchor Borrowers’ Programme (ABP).

Only 49 of the digital lenders, however, received full approval, and the other 45 only received conditional approval.

Approved Money Lenders: Below is a list of the 49 Digital Money Lenders that have secured full approval from the FCCPC

1. Sycamore Integrated Solutions Limited 
2. Trade Depot  
3. Tajow Investment 
4. Blue Ridge Microfinance Bank Limited 
5. Grolatech Credit Limited 
6. Branch International Financial Services Limited 
7. P2vest Technology Limited 
8. Creditwave Finance Limited 
9. Keenest Tech Service Limited 
10. Fairmoney Micro Finance Bank 
11. Altracred Finance Investiment Limited 
12. Crevance Credit Limited 
13. Menacred Company Limited 
14. Afrowide Development Ltd 
15. Red Planet Nigeria Limited 
16. Afrofirst Mobile And Technology Company Limited 
17. Rankcapitals Limited 
18. Ibs Golden Investment Company Limited 
19. Lendvisery Services Limited 
20. Creditwave Finance Limited 
21. Renmoney Microfinance Bank Limited 
22. Swipebill Technologies Nigeria Limited. 
23. Hometown Fintech Limited 
24. Giasun Technology Nigeria Limited 
25. Be Resources Limited 
26. Rockit Lenders Nigeria Limited 
27. Pivo Technology Limied 
28. Yes Credit Company Limited 
29. Fubril Century Limited 
30. Irorun Technologies Limited 
31. Csense Limited 
32. Supreme Help Cooperative Society Limited 
33. Orcom And Orcom Bussiness Suport Limited 
34. Payhippo Limited. 
35. Easycheck Finance Investment Limited 
36. Quark Financial Nigeria Limited 
37. Edmond Solutions Company Limited 
38. Ted Rocket Limited 
39. Penaid Limited 
40. Arve Limited 
41. Dover Credit Limited 
42. Ragekay Global Investment Limited 
43. Maywood Lending Limited 
44. Linkpark Technology Nigeria Limited 
45. Mangnet Lending Limited 
46. Rubystar Global Limited 
47. Bestfin Nigeria Limited 
48. Fubri Century Company Limited 
49. Berly Spring Global Limited 

Conditional Approvals: The following companies have secured conditional approvals from the Commission, meaning that they still have some requirements to meet before they can get full approval.

1. Trippdbase Limited 
2. Blackcopper Service  
3. Owoafar Fintech Service 
4. Paylater Hub 
5. Windville Financial Nigeria Limited 
6. Afrofirst Mobile And Technology Company Limited 
7. Orcom And Orcom Business Support Limited 
8. Otp Internet Technology Ltd 
9. Red Harbor Fintech Limited 
10. Beryl Spring Global Limited 
11. Hometown Fintech Limited 
12. Ajax Lending Limited 
13. Raceova Nig. Limited 
14. Lantana Technology Limited 
15. The Platform Digital Network Limited 
16. Zippy Capital Limited 
17. Neo-link Technology Limited 
18. Tripobase Limited 
19. Bestfin Nigeria Limited 
20. Pocketfuel Finance Limited 
21. Lending Edge Limited 
22. Ted Rocket Limited 
23. Penaid Limited 
24. Altara Credit Limited 
25. New Credage Nigeria Limited 
26. Lendha Technologies Limited 
27. Doja Lemaire Global Limited 
28. Paydayhub Online Nigeria Limited 
29. Retail Booster Limited 
30. Finnew Fintech Limited 
31. Fezotech Nigeria Limited 
32. Orange Loan & Purple Credit Limited 
33. Citadele Capitals Limited 
34. Fewchore Finance Company Limited 
35. A1 Capital Solution Limited 
36. One Payout Limited 
37. Linkpark Technology Nigeria Limited 
38. Lidya Global Limited 
39. Phoenix Payment Solutions Limited 
40. Red Planet Nigeria Limited 
41. Kwaba International Limited. 
42. Maywood Lending Limited. 
43. Princeps Credit System Limited 
44. Linkpark Technology Nigeria Limited 
45. Finpadi Technologies Limited