Nigeria’s fast-growing digital credit market has come under stricter regulatory oversight, with 521 digital lending companies now registered with the Federal Competition and Consumer Protection Commission (FCCPC).
The development follows the expiration of the January 5 deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, marking a new phase of accountability in the sector.
The FCCPC had earlier directed all digital lenders—whether app-based, online, or operating through other non-traditional channels—to register and comply with the new regulations on or before January 5, 2026.
With the deadline now passed, the Commission said there has been a notable increase in the number of companies submitting to regulatory oversight, reflecting both the rapid expansion of the digital lending space and intensified enforcement by the regulator.
According to FCCPC records, 457 of the 521 registered digital lending companies have received full approval, while 35 were granted conditional approval pending the fulfilment of outstanding requirements.
In addition, 29 companies already licensed by the Central Bank of Nigeria (CBN) are also subject to FCCPC oversight under the new regulatory framework.
Meanwhile, the Commission disclosed that 103 loan applications operating outside the registration system have been placed on its watchlist and may face regulatory actions for non-compliance.
The FCCPC said the new regime is aimed at protecting consumers from abusive lending practices, improving transparency, and ensuring responsible growth in Nigeria’s digital credit market.
