FCCPC Denies Approving 48 New Loan Apps, Debunks Report Claiming 505 Licensed Digital Lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false reports claiming it approved 48 additional digital lending applications, increasing the number of licensed digital lenders in Nigeria to 505.

In a statement posted on its official X handle on Sunday, the Commission described the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” as misleading and inconsistent with its regulatory actions.

According to the FCCPC, it has not issued any new approvals or licences for digital lenders, stressing that it is complying with an ex parte order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the determination of the suit before the court.

“The publication is false, misleading and does not represent the position or actions of the Commission,” the FCCPC stated.

The Commission explained that, as a law-abiding institution, it has suspended the implementation of the regulations in line with the court order and, consequently, has not approved any new digital lending operators under the framework.

It urged members of the public, industry stakeholders and media organisations to disregard the report and rely solely on information released through its official communication channels.

The FCCPC reaffirmed its commitment to obeying court orders while ensuring that accurate and credible information is provided regarding its regulatory activities.

This is not the first time the Commission has refuted reports of purported approvals involving digital lending and fintech companies.

Earlier in June, the FCCPC similarly debunked claims that President Bola Tinubu had endorsed proposals to restructure Nigeria’s airtime credit market and approved nine fintech firms to participate in the sector.

The Commission clarified at the time that it had no role in the reported approvals, reiterating that the regulatory framework governing such approvals remains suspended following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in a suit instituted by the Wireless Application Service Providers Association of Nigeria (WASPAN).

The FCCPC maintained that until the court determines the matter, no new approvals or licences will be issued under the suspended Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.