FCCPC Grants ‘MyCashier’ Approval to Operate as Fintech

Sunday Ehigiator

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of ‘MyCashier’, also known as, Fast-Point Integrated, as a financial technology (Fintech) licensed non-bank lending financial institution.

In a statement, the company said 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.

FCCPC said 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.

Commenting on the development, the Head of Marketing and Communications, Fast-Point Integrated, Olanike Adenuga said: “At Fast Point we adhere to good corporate governance practice, ensuring the security of investments and this has made us one of the most reliable and trusted financial institutions in Nigeria.

“This approval further demonstrates our commitment to our mission to empower our 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.”