FCCPC clears 48 additional loan apps, approved digital lenders now 505

 

The Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approval to 48 digital lending companies previously placed on conditional approval, bringing the total number of fully licensed loan app operators in Nigeria to 505.

The latest update, published on the Commission’s register of approved digital money lenders, marks a significant milestone in the regulator’s efforts to sanitise Nigeria’s fast-growing digital lending industry and curb widespread consumer abuse associated with unregulated loan apps.

With the new approvals, all companies that had been operating under conditional approval have now secured full registration, having met the FCCPC’s regulatory requirements. Among the key obligations imposed on the lenders are compliance with ethical debt recovery practices, replacing the harassment, intimidation and defamation tactics that had become synonymous with many loan sharks operating in the country.

The updated register also shows that 32 additional digital lenders have been granted registration waivers because they are already licensed and supervised by the Central Bank of Nigeria (CBN).

Although only 505 companies have obtained full approval, the actual number of loan applications operating under the FCCPC’s oversight exceeds 1,000, as many of the registered firms manage multiple lending platforms.

The Commission also disclosed that 112 loan apps are currently on its watchlist for regulatory scrutiny, while 54 others have been removed from the Google Play Store for violating its consumer protection rules.

The sharp increase in the number of registered digital lenders follows the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which made registration compulsory for all digital lenders operating in Nigeria.

The new framework expands regulatory oversight beyond app-based lenders to include digital and non-traditional consumer lending platforms, strengthening the FCCPC’s authority to monitor the industry and enforce compliance.

Industry analysts say the growing number of licensed operators reflects the rapid expansion of Nigeria’s consumer credit market but also raises concerns over the Commission’s capacity to effectively supervise the sector as it continues to grow.

A Lagos-based financial analyst, Adewale Adeoye, said while the FCCPC deserves credit for tightening regulations in the digital lending space, the scale of enforcement required could prove challenging.