FCCPC Denies Approving 48 New Digital Loan Apps

The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it recently approved 48 additional digital loan applications, insisting that no new licences have been issued to digital lenders.

In a statement released on its official X (formerly Twitter) account on Sunday, the Commission described the publication titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505” as false and misleading, stressing that it does not reflect the agency’s actions or regulatory position.

According to the FCCPC, it has not granted any new approvals because it is complying with an ex parte order issued by the Federal High Court, which temporarily halted the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The Commission stated that, as a law-abiding institution, it remains bound by the court order pending the determination of the suit before the court.

“The publication is false, misleading and does not represent the position or actions of the Commission,” the statement read.

“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,” it added.

The FCCPC urged members of the public, media organisations and stakeholders in the financial technology sector to disregard the report and rely only on information released through its verified communication channels.

The Commission reaffirmed its commitment to obeying court orders and ensuring that accurate and verified information is made available to the public regarding its regulatory activities.

This is not the first time the FCCPC has refuted reports alleging fresh approvals of digital loan operators.

Earlier in June, the Commission also denied claims that President Bola Tinubu had approved proposals to restructure Nigeria’s airtime credit market and authorised nine fintech companies to operate under the initiative.

The firms mentioned in those 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.

However, the FCCPC maintained that it had no involvement in the reported approvals, reiterating that the regulatory framework cited in the reports remains suspended.

The Commission noted that the enforcement of the Digital, Electronic, Online and Non-Traditional (DEON) Consumer Lending Regulations, 2025, was put on hold after the Federal High Court in Lagos granted an interim injunction on April 15, 2026.

The suit was filed by the Wireless Application Service Providers Association of Nigeria (WASPAN), and the matter remains before the court pending further proceedings.

READ ALSO: