African Union to create its own credit rating agency
The African Union (AU) wants to launch its own credit rating agency next year.
Why? The AU is launching the credit rating agency as an alternative to the “big three” international rating agencies—Moody’s, Fitch, and S&P Global Ratings—which it believes doesn’t fairly capture the risk of lending of countries on the continent.
The agency would be self funded and private-sector driven with AU oversight, according to Misheck Mutize, AU’s lead expert for country support on rating agencies.
Zoom out: While several African leaders allege that credit ratings from Moody’s, Fitch, and S&P Global Ratings do not do justice to lending assessment on the continent, the new development by the AU offers a consolation. The AU credit rating agency, when established, will provide more context for the data that investors look at when considering whether to purchase African bonds or make a private loan to a nation.
FCCPC delists 28 illegal digital money-lending apps
Nigeria is taking action to clean up the digital money-lending sector.
The Federal Competition and Consumer Protection Commission (FCCPC), the agency responsible for regulating competition and protecting consumers in Nigeria, has delisted 28 illegal digital money-lending apps in a bid to sanitise the sector.
The FCCPC disclosed this in its latest report on approved digital money lender apps. The report shows that the number of delisted apps has increased from 9 to 37, while the number of approved apps has increased from 154 to 164. The Commission has also identified 54 apps that are currently on their watchlist.
The delisted apps: Some of the apps delisted include; Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App. The full list of delisted apps can be found on the FCCPC website.
Zoom out: The FCCPC has been keeping a close eye on digital money lending in Nigeria. In August, the FCCPC ordered Google to delist 18 more loan apps/digital lending companies from its PlayStore and platforms immediately for invading customers’ privacy in the course of loan recovery.
The World Wide Web3
Source:
Coin Name |
Current Value |
Day |
Month |
---|---|---|---|
Bitcoin | $26,254 |
+ 1.06% |
– 10.40% |
Ether | $1,607 |
+ 0.64% |
– 12.53% |
BNB |
$212 |
+ 0.50% |
– 11.36% |
Cardano | $0.25 |
+ 0.95% |
– 13.72% |
* Data as of 12:10 AM WAT, September 14, 2023.
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