Nigeria's FCCPC Denies Approval of 48 New Digital Loan Apps

The Federal Competition and Consumer Protection Commission (FCCPC) issued a statement rejecting a report that claimed it had approved 48 additional digital loan applications, which would have raised the number of fully licensed lenders in Nigeria to 505. The commission described the publication as “false, misleading and does not represent the position or actions of the Commission.”

The FCCPC said it has not granted any new licences and is complying with an ex parte order of the Federal High Court that restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations 2025 pending further proceedings. While the regulator oversees more than 500 approved digital lenders and has granted registration waivers to dozens of firms, it emphasized that no new approvals have been made under the suspended regulations.

The denial follows earlier reports suggesting the FCCPC had expanded its approved loan‑app list, highlighting ongoing uncertainty in Nigeria’s rapidly growing consumer‑credit market.