The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports that it approved 48 additional loan apps, which would have increased the number of licensed digital lenders in Nigeria to 505.

This was contained in a statement issued by the commission on its official X (formerly Twitter) account on Sunday, June 28, 2026.

The FCCPC described the report as false and misleading, insisting that it does not represent the position or actions of the commission.

The commission said it is currently complying with a Federal High Court order restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further proceedings.

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The clarification comes amid reports that the regulator had approved more digital lenders under the new lending framework.

What they are saying

The FCCPC said it has not issued any new approvals or licences under the suspended regulations and advised the public to rely only on information released through its official communication channels.

  • “The attention of the Federal Competition and Consumer Protection Commission (FCCPC) 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.”
  • “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.”
  • “Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations.”

The commission reiterated that any publication suggesting that it recently approved additional digital lenders under the regulations is inaccurate.

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The earlier reports about the approval of 48 additional loan apps may have been linked to expectations that the FCCPC would proceed with the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The regulation requires all digital lenders to register and establishes a framework for the provision of digital and electronic consumer lending services in Nigeria.

The FCCPC advised members of the public, industry participants and media organisations to disregard the report and rely on verified information from the commission’s official platforms.

The commission said compliance with the court order remains a priority while legal proceedings continue.

What you should know

The FCCPC had in January 2026, commenced enforcement actions against digital money lenders that failed to meet the deadline for regularisation under the 2025 Digital Lending Rules.

  • FCCPC Executive Vice Chairman and CEO, Tunji Bello, said the enforcement was aimed at promoting discipline, transparency and consumer confidence within the digital lending sector.
  • Bello said the compliance window provided under the regulations had closed and that enforcement actions would proceed in a fair and orderly manner.
  • The commission withdrew the conditionally approved status previously granted to digital money lenders that failed to complete the regularisation process within the transitional period.
  • The affected lenders were removed from the FCCPC’s published register of approved digital lenders.

Bello advised consumers to exercise caution when dealing with lenders that are not listed on the commission’s official register.