FCCPC denies approving 48 new loan applications, clarifies regulatory status

The Federal Competition and Consumer Protection Commission FCCPC has refuted a report claiming it approved 48 additional digital loan applications, which would have increased the number of licensed digital lenders in Nigeria to 505. In a statement on its official X handle, the commission labeled the publication as "false, misleading and" not reflective of its actions. The FCCPC stated it has not granted any new approvals or licenses for digital lenders, emphasizing its compliance with an ex parte order from the Federal High Court. This order restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further proceedings. The commission urged the public, industry stakeholders, and media to disregard the erroneous publication and rely solely on its official communication channels. This is not the first instance of the FCCPC debunking such reports; a previous disclaimer in early June addressed allegations that President Bola Tinubu endorsed FCCPC proposals and approved nine Nigerian fintech firms, which the commission also denied, reiterating that the relevant regulatory framework remained suspended due to an interim injunction granted by the Federal High Court in Lagos on April 15, 2026.