FCCPC debunks fresh loan app approval reports

The Federal Competition and Consumer Protection Commission (FCCPC) has moved quickly to dismiss reports claiming it approved 48 additional digital loan apps, insisting no new licences have been issued. The agency described the reports as false and misleading, stressing that it has not expanded the list of approved lenders to 505, as widely reported over the weekend. According to the commission, it remains bound by a Federal High Court order stopping the implementation of its 2025 digital lending regulations pending the outcome of a legal battle.

The clarification means any claims that dozens of new loan apps have recently secured FCCPC approval are inaccurate. The commission says it cannot issue fresh approvals because the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 are currently suspended by the court. Until the case is decided, the regulator says it will continue to comply with the order and will not take any action under the new framework.

The issue matters because FCCPC approval has become an important benchmark for Nigerians trying to identify legitimate loan apps. Since the crackdown on abusive digital lenders began in 2022, the commission has repeatedly warned consumers against borrowing from unregistered platforms, many of which have been accused of illegal debt recovery tactics, privacy violations and harassment. Any confusion over which apps are genuinely licensed could expose borrowers to risky operators or mislead businesses about their regulatory status.

The latest dispute comes after years of tightening regulation. The FCCPC introduced an interim registration framework for digital lenders in 2022 following widespread complaints about loan app abuses. In July 2025, it replaced those guidelines with the more comprehensive DEON Regulations, giving lenders until January 5, 2026, to comply. However, on April 15, 2026, the Federal High Court granted an interim order restraining implementation of those regulations after a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN). The substantive hearing is scheduled for July 20, 2026, according to the commission.

Interestingly, this is not the first time the FCCPC has pushed back against reports suggesting it approved new players in the digital lending space. Earlier in June 2026, the commission also denied media reports linking it to approvals involving fintech firms in Nigeria’s airtime credit market, saying those claims were equally false. With the court case still pending, the regulator says the public should rely only on its official announcements for updates on digital lender approvals rather than unofficial reports circulating online.

Bharti Airtel has officially completed its acquisition of a 16.31% stake in Airtel Africa from Indian Continent Investment Limited (ICIL), marking the final step in a major internal restructuring that gives the Indian telecom giant tighter control of its African business. The transaction closed on June 22, 2026, with Airtel issuing 146.76 million new shares to ICIL in exchange for 595.2 million Airtel Africa shares, a deal valued at around £1.9 billion. The completion lifts Bharti Airtel’s effective ownership in Airtel Africa from about 62.7% to roughly 79%.

The deal simplifies Airtel’s ownership structure without bringing in new outside investors. Instead of the 16.31% stake sitting with ICIL, a promoter group company, it is now directly owned by Bharti Airtel. That gives the parent company greater economic interest in Airtel Africa’s future earnings, stronger strategic control over one of its fastest-growing businesses, and a cleaner corporate structure that investors generally prefer. Analysts have also pointed to Airtel Africa as an increasingly important growth engine for the group as mobile data usage and digital financial services continue expanding across the continent.

The transaction has been months in the making. On May 13, 2026, Bharti Airtel’s board approved the share-swap arrangement, proposing to issue new equity shares to ICIL in return for its Airtel Africa stake. Shareholders overwhelmingly backed the proposal on June 12, clearing one of the biggest hurdles before the transaction received the remaining approvals and was completed on June 22. The structure allowed Airtel to increase its ownership without a large cash outlay, using newly issued shares instead.

The move also fits into Airtel’s broader Africa strategy, which stretches back more than a decade. In 2010, Bharti Airtel entered the African market through its landmark $10.7 billion acquisition of Zain’s African operations, establishing a presence across multiple countries. Those operations were later consolidated under Airtel Africa, which listed on the London Stock Exchange in 2019. Since then, Africa has evolved into a key pillar of Airtel’s international business, with growth increasingly driven by smartphone adoption, mobile broadband and Airtel Money services.

With the acquisition now complete, investors will be watching whether Airtel can translate its larger ownership into stronger earnings and greater value creation. The transaction comes at a time when the company is strengthening its balance sheet and receiving positive recognition from ratings agencies for its financial performance in both India and Africa. For Airtel, the latest move is less about expanding into new markets and more about consolidating one of its most valuable international assets under the parent company.

South Africa is preparing to tighten the rules around how shoppers pay for purchases on global online marketplaces like Temu and Shein. The South African Reserve Bank (SARB), together with its Financial Surveillance Department (FinSurv), has announced plans to regulate payment intermediary foreign exchange operators (PIFOs), the payment aggregators that process transactions between South African shoppers and offshore merchants. The new regulatory framework is expected to be released for public consultation in the third quarter of 2026, marking another step in the country’s efforts to strengthen oversight of cross-border eCommerce.

The proposed changes are not aimed at stopping South Africans from shopping on Temu or Shein. Instead, regulators want greater visibility and oversight of the payment systems that make these purchases possible. As more consumers buy directly from overseas retailers, authorities say they need updated rules to ensure foreign exchange regulations are properly enforced while keeping pace with the rapid growth of digital commerce. The new framework is also expected to clarify the responsibilities of payment facilitators, which currently operate through partnerships with licensed South African payment providers.