• Friday, July 12, 2024
businessday logo

BusinessDay

FCCPC grants MyCashier approval to operate in Nigeria

FCCPC grants MyCashier approval to operate in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) have fully approved the operations of Fast-Point Integrated as a fintech licensed non-bank lending financial institution.

The approval followed 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 FCCPC, the objective of the framework was 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.”

It said having fully met all the laid down criteria of the commission, Fast-Point Integrated had been granted full approval to launch and engage in digital lending in Nigeria.

Commenting on the development, Olanike Adenuga, head of marketing and communications at Fast-Point Integrated, said the company adhered to good corporate governance practice and ensuring the security of investments made it one of the most reliable and trusted financial institutions in Nigeria.

Read also: PwC says listing on NGX will boom Nigerian tech startups

According to Adenuga, the approval further demonstrates the company’s commitment to the mission to empower their customers to be financially smart by providing easy loans and other financial services to meet their financial objectives.

“We believe that access to affordable loans and other financial services is a fundamental human right. A strong step we have taken to achieve this is to build MyCashier,” she added.

She applauded the FCCPC’s move to sanitise the digital lending space in Nigeria, indicating that measures such as this would foster sustainable lending practices, innovation, and consumer protection.

MyCashier, the digital brand identity for Fast Point Integrated Limited, was developed in response to the financial inclusion strategy of the Central Bank of Nigeria, with a passion to break the bureaucracy and bottlenecks created by conventional banks in delivering easy and accessible loans, smart savings and reliable investments to the common man.

We all know that financial empowerment, financial literacy, and financial freedom are crucial for any thriving demographic, especially women as they will have a significant impact on overall well-being, economic growth, and development, according to the company.

“MyCashier recognises this and is committed to providing accessible and affordable financial services to help everyone achieve their financial objectives.