Nigeria's consumer protection agency disclaims authorization of nearly 50 additional lending platforms

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The Federal Competition and Consumer Protection Commission has dismissed as false a report claiming it approved 48 additional digital loan applications, raising the number of licensed digital lenders in Nigeria to 505.

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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 “false, misleading and” not reflective of its actions.

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The commission said it had not granted any new approvals or licences for digital lenders, stressing that it was 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 further proceedings.

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The statement read, “The attention of the Federal Competition and Consumer Protection Commission has been drawn to a publication titled ‘FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505.’ The publication is false, misleading and does not represent the position or actions of the Commission.

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“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.

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“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.”

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The commission urged members of the public, industry stakeholders and media organisations to disregard the publication and rely only on information released through its official communication channels.

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It reiterated its commitment to complying with court orders and providing accurate information on its regulatory activities.

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PUNCH Online reports that this is not the first time the FCCPC has debunked reports claiming it approved loan apps.

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Its last disclaimer followed reports in early June alleging that President Bola Tinubu endorsed FCCPC proposals to restructure the airtime credit sector and approved nine Nigerian fintech firms to participate in the market.

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The companies named in the reports included Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited and Coverage Broadband Limited.

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The FCCPC, however, maintained that it had no involvement in the reported approvals and reiterated that the regulatory framework under which the firms were reportedly approved remained suspended.

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The commission said the implementation and enforcement of the DEON Consumer Lending Regulations 2025 had been halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in a suit filed by the Wireless Application Service Providers Association of Nigeria.

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