Primera Microfinance Bank gets full approval for digital lending

The Federal Competition and Consumer Protection Commission (FCCPC) has fully approved the operations of Primera Microfinance Bank as a digital lender in Nigeria. This development follows the investigation by the Inter-Agency Joint Task Force on the Digital Lending Apps, after which the FCCPC mandated the registration of money lenders to the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022.

According to the commission in an update, the objective of the framework is to enhance transparent, fair, and beneficial alternative lending options in Nigeria. The criteria used in granting the approvals include: legitimacy; compliance with applicable regulatory requirements; lawful source of funds and conformity with anti-money laundering and data protection laws.

Primera Microfinance Bank, having fully met all the laid down criteria of the Commission, has been granted a full approval to launch and engage in digital lending in Nigeria.

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Responding to the announcement, Unwana Efiong Esang, Chief Executive Officer, Primera MFB said: “This authorisation demonstrates the quality of our bank and lending proposition to meet the demands for best-practice digital financing in Nigeria. It also strengthens our commitment and drive to deepen financial inclusion and provide affordable and convenient access to credit for individuals, households and businesses in our economy. These objectives go to the very heart of our business, reaching the unbanked and under-banked, and providing financial access and advisory support to micro, small and medium-scale enterprises(MSME), alongside the provision of investment opportunities for every income demographic in Nigeria. This approval is indeed deeply motivating and satisfying in our quest to meet these strategic goals.”

The bank further applauded the FCCPC’s move to sanitize the digital lending space in Nigeria, indicating that measures such as this will foster sustainable lending practices, innovation and consumer protection.

Primera MFB is an impact-driven microfinance bank, with a keen focus to deepen financial inclusion by offering affordable and accessible financial solutions to individuals, households and MSME to meet their short, medium and long-term financial needs.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.