The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it approved 48 additional digital loan applications, saying no new licences have been issued under the country’s digital lending framework.
In a statement posted on its official X account on Sunday, the commission described reports alleging that the number of licensed digital lenders had increased to 505 as false and misleading.
The FCCPC said it remains bound by an interim order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON Regulations) 2025, adding that it cannot approve new digital lenders while the order remains in force.
“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 said.
According to the regulator, it is fully complying with the court’s directive pending the determination of the suit challenging the regulations.
The commission urged members of the public, media organisations and industry stakeholders to disregard the reports and rely only on information released through its official communication channels for updates on digital lending approvals.
The clarification comes amid continued efforts by the FCCPC to regulate Nigeria’s digital lending industry following complaints of harassment, privacy breaches and other abusive debt recovery practices by some loan apps.
The commission introduced an interim registration framework for digital lenders in 2022 before replacing it with the DEON Regulations in July 2025. The new regulations required operators to comply by January 5, 2026.
However, implementation of the regulations was halted after the Federal High Court in Lagos granted an interim injunction on April 15, 2026, in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN). The substantive hearing is scheduled for July 20, 2026.
This is the second time this month that the FCCPC has refuted reports linking it to regulatory approvals. Earlier in June, it denied claims that it approved nine fintech firms to participate in Nigeria’s airtime credit market, maintaining that the regulatory framework under which the approvals were allegedly granted remains suspended.