FCCPC denies approving 48 new loan apps, cites court-ordered freeze

The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false a publication claiming the Commission approved 48 additional loan apps and raised the number of licensed digital lenders in Nigeria to 505.

In a statement, the Commission said the report, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” is misleading and does not reflect its position or actions.

The FCCPC said it remains fully compliant with an ex parte order issued by the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further proceedings in the matter. As a result, the Commission said it has not granted any new approvals or licences under those regulations since the restraining order took effect.

“Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false,” the statement read.

The Commission described itself as a law-abiding institution and urged members of the public, industry participants, and the media to disregard the circulating publication. It advised that all parties rely solely on information published through FCCPC’s official communication channels for accurate updates on its activities.

Similar read: Court stops FCCPC from enforcing 2025 digital lending rules

A reversal from earlier FCCPC enforcement on loan apps

The clarification marks a notable shift in tone from where the Commission stood just months earlier. In January, FCCPC had gone in the opposite direction, actively trimming its approved list by removing loan apps that failed to meet a January 5 deadline to regularise their operations under the same digital lending rules now frozen by the court.

At the time, the Commission said the affected platforms had not completed registration under the new regulations, resulting in the revocation of conditional approvals previously granted to a number of digital lending institutions. FCCPC Executive Vice Chairman and CEO, Tunji Bello, said the enforcement was aimed at restoring order and trust in the digital lending space, not shutting down legitimate businesses.

“At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” he said then, adding that the goal was to “promote discipline, transparency, and consumer confidence within the digital lending space.”

Bello had also pointed borrowers to the Commission’s public register of approved lenders as a guide, warning users to be cautious of platforms no longer appearing on the list.

Taken together, the two developments paint a picture of a digital lending sector currently suspended in legal uncertainty. Months after actively delisting non-compliant apps under the 2025 Regulations, the Commission’s own enforcement framework has now been restrained by the courts. This means neither new approvals nor further delistings can proceed under those same rules until the case is resolved.

For borrowers and industry players alike, the practical effect is the same: the regulatory status of digital lenders in Nigeria remains in a holding pattern, with the FCCPC urging the public to treat any claims of new approvals, or by extension, any major regulatory shifts, with caution until the Commission communicates directly through its official channels.