Pivotal to the commencement of the operations of a money lending company is the registration with the Federal Competition and Consumer Protection Commission (FCCPC) whereby, the company will be granted a permit. The FCCPC was established to address the unlawful collection of data and abuse of privacy rights of loan defaulters by money lending companies. This commission guides against the sending of defamatory messages about their customers to third parties and the public.
The requirements and steps to take before registering with the FCCPC include:
1. It is important that every money lending company operating in Nigeria registers with the Corporate Affairs Commission (CAC). Also, make provision for your incorporation documents and details of its officers and beneficial owners.
2. As a money lending company, register with the Money Lending Association of Nigeria.
3. Engage the services of the Data Protection Compliance organization (DPCO) who will train you on how to manage your company’s data. Ensure that you properly audit the data of your company and obtain evidence of compliance from the Nigeria Data Protection Commission.
DOCUMENTS REQUIRED TO ACCOMPANY FCCPC INTERIM DIGITAL
LENDING GUIDELINES FORM 001
According to the FCCPC Limited Interim Regulatory/Registration Framework and Guidlines for Digital Lending, 2022, an online money lender must make provision for;
1. Certified true copy of the certificate of incorporation of the company.
2. A description of the business of the Applicant.
3. Details of the directors and other major officers of the company.
4. Name and address of a person within the business who is authorized to accept service on behalf of the business.
5. Evidence of membership in any trade or professional associations.
6. Any service level agreements with any service providers with respect to operations but excluding administration.
7. Evidence of feedback and complaint resolution mechanism
8. Evidence of tax payments or tax waivers.
9. Evidence of data audit and Data Protection Impact Assessment (DPIA).
10. Pay the necessary fees
11. A duly signed FCCPC INTERIM DIGITAL LENDING GUIDELINES FORM 002 – Declaration for Digital Lending Businesses in Nigeria, etc.
Need a lawyer for FCCPC Registration and permit for your money lending company? Contact us at Abilegal Barristers and Solicitors.