The Federal Competition and Consumer Protection Commission (FCCPC) has granted full approval to 48 loan app companies that were previously given conditional approval.
- +FCCPC grants full approval to 48 more loan app companies
According to the Commission’s updated list of approved digital money lenders, the latest approvals bring the Commission’s database of digital money lenders to 505.
According to the Commission’s updated list of approved digital money lenders, the latest approvals bring the Commission’s database of digital money lenders to 505.
This means that a total of 505 companies have fully met the requirements to operate as digital lenders in the country and are ready to abide by the rules of the Commission, chief among which is ethical debt recovery as opposed to harassment and threats, for which loan sharks are known.
As of January this year, the number of lenders with full approval stood at 457. The latest update shows that there are no more registered lenders with conditional approval.
Aside from the 505 with fully approved by the FCCPC, there are 32 other digital lenders granted registration waivers by the Commission because they are already licensed by the Central Bank of Nigeria (CBN).
Most of the registered companies operate more than one app, bringing the total loan apps under the watch of the FCCPC to over 1,000.
Meanwhile, a total of 112 loan apps are currently under the watchlist of the Commission, while 54 apps have been deleted from the Google Play Store for violating the regulator’s rules.
The surge in the number of registered digital money lenders could be linked with the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which mandates registration for all digital lenders in the country.
Industry stakeholders say the rise in the number of registered digital lenders highlights the scale of Nigeria’s consumer credit market, but also raises questions about effective supervision as the sector grows.
A Lagos-based financial analyst, Mr. Adewale Adeoye, observed that while the FCCPC is doing its best to sanitise the digital lending space through regulations and guidelines, enforcement might become a challenge given the large number of players in the industry.
Mr Adeoye added that beyond loan apps, the new guidelines also expand the regulatory purview of the FCCPC to lenders that are not using apps, which could make oversight more challenging.
Speaking with Nairametrics, the President of the Money Lenders Association (MLA), Mr. Gbemi Adelekan, also acknowledged that enforcement could be overwhelming for the FCCPC because of the number of players.
He, however, noted that the Commission assured the lenders that they are capable, adding that their response to industry issues has been swift so far.
The new FCCPC regulation builds on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, which made it mandatory for all digital money lenders in the country to be registered.
Under the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, non-compliant digital lenders face sanctions, which may include fines of up to N100 million or 19% of turnover, as well as potential disqualification of directors for up to five years.
