The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it approved 48 additional digital loan apps, saying the information is false and misleading.
The commission made the clarification in a statement posted on its official X (formerly Twitter) account on Sunday, June 28, 2026.
According to the FCCPC, it has not granted any new approvals or licences to digital lenders under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
The commission explained that it is complying with an ex parte order of the Federal High Court, which restrains the implementation of the regulations pending the determination of legal proceedings.
“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 statement said.
The FCCPC stressed that, as a law-abiding institution, it is fully complying with the court order.
It added that no fresh approvals or licences have been issued under the suspended regulations.
The clarification follows reports suggesting that the regulator had expanded the number of licensed digital lenders under the new regulatory framework.
However, the commission said any publication claiming it recently approved additional loan apps is inaccurate.
The Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, require all digital lenders to register with the FCCPC and establish operational standards for digital consumer lending services in Nigeria.
The commission urged members of the public, industry operators and media organisations to disregard the misleading report and rely only on information published through its official communication channels.
It also reaffirmed that compliance with the court order remains a priority while the legal process continues.
Earlier this year, the FCCPC began 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 Chief Executive Officer, Tunji Bello, said the enforcement exercise was designed to improve discipline, transparency and consumer confidence in Nigeria’s digital lending industry.
He noted that the compliance window provided under the regulations had expired and that enforcement actions would be carried out in a fair and orderly manner.
The commission also withdrew the conditional approval previously granted to digital lenders that failed to complete the regularisation process within the transitional period.
As a result, the affected companies were removed from the FCCPC’s official register of approved digital lenders.
Bello advised Nigerians to exercise caution and verify that any digital lender they intend to use is listed on the commission’s official register before conducting business.
