The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it approved 48 additional digital lending companies, insisting that no new licences have been granted under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
The clarification follows widespread reports suggesting that the Commission had expanded the number of fully licensed digital lenders in Nigeria from 457 to 505 after granting full approval to dozens of loan app operators that previously held conditional status.
In a statement issued on Sunday, the FCCPC described the publication titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505” as false and misleading.
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According to the Commission, it is complying with an ex parte order issued by the Federal High Court restraining the implementation and enforcement of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further judicial proceedings.
“The publication is false, misleading and does not represent the position or actions of the Commission,” the agency said.
“The FCCPC is a law-abiding institution and is fully complying with the ex parte order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 pending further proceedings.”
It stressed that no fresh approvals have been granted under the suspended regulations.
“Consequently, 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,” it added.
The controversy followed reports that the number of fully approved digital money lenders in Nigeria had risen to 505, with all previously conditionally approved operators allegedly receiving full authorisation.
Those reports also claimed that 32 lenders retained registration waivers because they are already licensed by the Central Bank of Nigeria, while more than 100 digital lending platforms remain under FCCPC monitoring.
The consumer protection agency, however, maintains that its regulatory framework remains suspended following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026.
The court order stemmed from a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN), effectively halting implementation of the DEON Consumer Lending Regulations.
The Commission urged members of the public, stakeholders and media organisations to rely solely on information released through its official communication channels.
The latest rebuttal comes weeks after the FCCPC dismissed reports alleging that President Bola Tinubu approved proposals aimed at restructuring the airtime credit sector and authorised nine fintech firms to participate in the market.
The agency had insisted that it played no role in the reported approvals and reaffirmed that the regulatory framework under which they were purportedly issued remains suspended.
Nigeria’s digital lending industry has expanded significantly in recent years as demand for quick consumer credit continues to rise.
The FCCPC’s oversight efforts began in 2022 as authorities sought to curb harassment, privacy violations and unethical debt recovery practices linked to some loan applications.
The 2025 regulations were designed to strengthen consumer protection by broadening oversight and introducing stiffer penalties for violations, including fines of up to ₦100 million and possible disqualification of company directors.
For now, the Commission says no additional approvals can be issued until the legal dispute over the regulations is resolved.
