The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports alleging that it has licensed 48 additional digital lending applications, which would have increased Nigeria’s approved digital lenders to 505.
In a statement shared on its official X (formerly Twitter) handle on Sunday, the commission described the report titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505” as inaccurate, misleading, and not reflective of its official position.
FCCPC clarified that it has not issued any new approvals or licences to digital lending operators. It explained that it is currently complying with an interim order of the Federal High Court, which restrains the enforcement of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further legal proceedings.
According to the commission, the court order prevents it from implementing the said regulations, and as such, no fresh licensing activity has been carried out.
“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,” the statement read.
It further stressed that the FCCPC is a law-abiding body fully respecting the court’s directive and has not granted any new approvals under the suspended framework.
“Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting otherwise is entirely false,” it added.
The regulator urged the public, stakeholders, and media organisations to ignore the report and rely strictly on verified information released through its official communication channels.
It reaffirmed its commitment to transparency, compliance with judicial orders, and accurate dissemination of regulatory updates.
This is not the first time the FCCPC has had to debunk such claims. In previous instances, it also dismissed reports alleging approvals of loan apps and fintech firms, including claims tied to presidential endorsement of regulatory proposals in the digital lending sector.
The commission noted that enforcement of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, remains suspended following an interim injunction granted by the Federal High Court in Lagos in April 2026, in a suit filed by the Wireless Application Service Providers Association of Nigeria.