ABUJA, June 29 – Nigeria’s consumer protection regulator has denied reports that it approved 48 additional digital loan apps, saying the claims are false and do not reflect its current regulatory actions.
The Federal Competition and Consumer Protection Commission (FCCPC) said it has not issued any new licences under the Digital, Electronic, Online and Non Traditional Consumer Lending Regulations, 2025.
According to the commission, it is complying with an order from the Federal High Court, which has temporarily halted the implementation of the regulations while legal proceedings continue.
The FCCPC said reports claiming the number of licensed digital lenders in Nigeria has risen to 505 are inaccurate as it urged consumers, businesses and media organisations to rely only on information released through its official communication channels.
The regulator added that no new approvals can be granted under the suspended framework until the court process is concluded.
The regulations are intended to create a formal licensing system for digital lenders and establish rules for online consumer lending in Nigeria. However, the commission said implementation remains on hold because of the court order.
Earlier this year, the FCCPC began enforcing the 2025 Digital Lending Rules against lenders that failed to complete the required regularisation process. It also withdrew the conditional approval previously granted to non compliant operators and removed them from its official register.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said the enforcement exercise is aimed at improving transparency, strengthening consumer protection and promoting greater confidence in Nigeria’s digital lending industry.
The commission also advised consumers to deal only with lenders listed on its official register.
