FCCPC Denies Approving 48 New Loan Apps, Says No Fresh Digital Lenders Were Licensed
- FCCPC dismisses false claims of approving 48 new digital loan applications in Nigeria
- Regulator complies with court order, halting licensing of new digital lenders under suspended regulations
- Public urged to rely on official FCCPC updates, rejecting misleading information from unofficial sources
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it approved 48 additional digital loan applications, insisting that no new licences have been issued to digital lenders in Nigeria.
The commission described the reports as false and misleading, urging the public to disregard the publication and rely only on information released through its official communication channels.
Source: Getty Images
FCCPC rejects reports of new loan app approvals
In a statement shared on its official X account on Sunday, the FCCPC refuted a publication titled "FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505," saying it did not reflect the commission's actions or position.
According to the regulator, it has not granted any new approvals or licences under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, because it is complying with an existing court order suspending the implementation of the regulations, according to a Punch report.
"The publication is false, misleading and does not represent the position or actions of the Commission," the FCCPC stated.
Court order halts licensing process
The commission explained that it remains bound by an ex parte order issued by the Federal High Court, which restrained the implementation and enforcement of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the determination of the case before it.
"As a law-abiding institution, the FCCPC is fully complying with the order of the court," the statement noted.
It stressed that any report suggesting it recently licensed additional digital lenders under the suspended regulations is entirely inaccurate.
Public urged to ignore false claims
The consumer protection agency advised members of the public, media organisations and stakeholders in the financial technology ecosystem to ignore the publication.
It reiterated its commitment to transparency, regulatory compliance and the dissemination of accurate information regarding its activities.
The commission also encouraged Nigerians to verify regulatory updates through its official communication platforms rather than relying on unverified reports.
Not the first disclaimer
This is not the first time the FCCPC has publicly debunked reports relating to approvals in the digital lending and fintech sectors.
Earlier in June, the commission denied claims that President Bola Tinubu had approved FCCPC proposals to restructure Nigeria's airtime credit market and authorised nine fintech companies to participate in the sector.
The regulator maintained that it had no role in the reported approvals and emphasised that the legal framework governing such activities remains suspended.
Source: Getty Images
The FCCPC noted that the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, have remained on hold since April 15, 2026, following an interim injunction granted by the Federal High Court in Lagos in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
Until the court reaches a final decision, the commission says no fresh approvals or licences will be issued under the suspended regulations.
FCCPC denies report Tinubu approved credit market restructuring
We also highlighted facts about the FCCPC's denial of reports that President Tinubu approved a restructuring of Nigeria's airtime credit market and licensed nine fintech companies amidst ongoing legal disputes.
With court proceedings looming, questions about transparency and integrity in Nigeria’s rapidly evolving financial landscape remain at the forefront, threatening to reshape the industry as stakeholders await clarity on the future of these reforms.
Source: Legit.ng
