The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false and misleading reports claiming it approved 48 additional digital loan applications, bringing the number of licensed digital lenders in Nigeria to 505.
The Commission said the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” does not reflect its position or any action taken by the agency.
The FCCPC explained that it is fully complying with the ex parte Order of the Federal High Court, which restrained the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the determination of further court proceedings.
According to the Commission, no new approvals or licences have been granted under the Regulations since the court order took effect, stressing that any report suggesting otherwise is entirely false.
The FCCPC reaffirmed its commitment to the rule of law and urged members of the public, industry stakeholders and media organisations to disregard the publication.
The Commission further advised the public to rely only on information disseminated through its official communication channels for accurate updates on its regulatory activities.
