FCCPC Debunks Reports of Approving 48 New Digital Loan Apps
The Commission explained that it is fully complying with an ex parte order issued by the Federal High Court, which restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further court proceedings.
Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false a report claiming it approved 48 additional digital loan applications, increasing the number of licensed digital lenders in the country to 505.
In a public statement, the Commission described the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” as misleading and not reflective of its actions or official position. The FCCPC stressed that it has not granted any new approvals or licences for digital lending operators.
The Commission explained that it is fully complying with an ex parte order issued by the Federal High Court, which restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further court proceedings. As a result, no new digital lenders have been approved under the regulations.
The FCCPC urged members of the public, digital lending operators, and media organizations to disregard the false publication and rely solely on information released through the Commission’s official communication channels. The agency reiterated its commitment to complying with the law while ensuring accurate information is made available to stakeholders.
