By Boluwatife Oshadiya | June 28, 2026
Key Points
- FCCPC says reports claiming it approved 48 additional digital lending apps are false and misleading
- Commission says it has not issued any new approvals while a Federal High Court order remains in force
- FCCPC urges Nigerians to rely only on its official communication channels for regulatory updates
Main Story
The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false reports claiming it recently approved 48 additional digital lending applications, bringing the number of licensed digital lenders in Nigeria to 505.
In a public notice issued on Sunday, the Commission described the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” as inaccurate and misleading, stressing that it does not reflect the Commission’s official position or regulatory actions.
According to the FCCPC, it remains bound by 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 the determination of ongoing legal proceedings.
As a result, the Commission said it has not granted any fresh approvals or licences to digital lenders under the suspended regulatory framework.
The clarification comes amid continued public interest in Nigeria’s fast-growing digital lending industry, where regulatory oversight has intensified in recent years following complaints involving data privacy violations, harassment of borrowers, unethical debt recovery practices and unlicensed lending operations.
The FCCPC has previously maintained that all regulatory actions concerning digital lending platforms will strictly comply with court directives and applicable laws until the legal process is concluded.
What’s Being Said
“The publication is false, misleading and does not represent the position or actions of the Commission,” the FCCPC said in its official statement.
“The Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false,” the regulator added.
The Commission further advised members of the public, media organisations and industry participants to disregard the report and obtain regulatory information only through its verified official communication channels.
What’s Next
- The Federal High Court is expected to continue proceedings on the legal challenge involving the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
- Until the court lifts or varies its restraining order, the FCCPC is not expected to issue new approvals for digital consumer lending operators under the current regulatory framework.
- Industry participants are expected to monitor further guidance from both the courts and the FCCPC regarding the future implementation of Nigeria’s digital lending regulations.
Bottom Line:
Nigeria’s digital lending sector remains under legal and regulatory scrutiny. The FCCPC’s latest clarification underscores that any claims of new lender approvals should be treated with caution unless confirmed through official government channels, highlighting the importance of accurate reporting in a sector that directly affects millions of Nigerian consumers.
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