FCCPC Addresses Report on Approvals of Fresh Digital Loan Apps
- The FCCPC denied reports claiming it had approved 48 additional digital loan applications and said no new licences had been issued
- The commission stated that it remained bound by a Federal High Court order suspending the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations 2025
- The regulator urged the public and media organisations to disregard the report and rely only on information released through its official communication channels
The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it recently approved 48 additional digital loan applications, describing the publication as inaccurate and inconsistent with its current regulatory position.
The commission said the report, which alleged that the number of licensed digital lenders in Nigeria had increased to 505, did not reflect its actions.
Source: Facebook
It maintained that no new approvals or licences had been granted under the existing digital lending regulations, Punch reports.
Did FCCPC approve new loan apps?
In a statement released on its official X account on Sunday, the commission said it remained bound by an interim order of the Federal High Court, which suspended the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations 2025 pending the determination of the case before the court.
The statement read
“The attention of the Federal Competition and Consumer Protection Commission has been drawn to a publication titled ‘FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505.’ The publication is false, misleading and does not represent the position or actions of the Commission.
“The FCCPC is a law-abiding institution and is fully complying with the ex parte Order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 pending further proceedings.
“Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false.”
Source: Getty Images
Why are loan app approvals suspended?
The commission urged the public, media organisations and stakeholders in the financial sector to ignore the report and rely only on information issued through its official communication channels.
It also reaffirmed its commitment to complying with court orders while providing accurate updates on its regulatory responsibilities.
The clarification comes weeks after the FCCPC issued a similar disclaimer over reports alleging that President Bola Tinubu had approved proposals relating to the airtime credit market and authorised nine Nigerian fintech companies to participate in the sector.
What led to the court order?
According to the commission, it had no role in the reported approvals, adding that the regulatory framework under which those claims were made remained suspended.
The FCCPC explained that the enforcement of the Digital, Electronic, Online and Non Traditional Consumer Lending Regulations 2025 has been on hold since 15 April 2026. The suspension followed an interim injunction granted by the Federal High Court in Lagos in a suit filed by the Wireless Application Service Providers Association of Nigeria.
The commission maintained that no fresh approvals would be issued under the regulations until the court proceedings are concluded.
List of approved loan apps
Meanwhile, Legit.ng earlier reported that the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has released an updated list of approved loan applications in 2026.
The announcement was made to provide clarity for consumers and ensure that only licensed digital money lenders operate within Nigeria’s financial technology space.
Clan App is operated by CreditClan Tech Limited, while Acetech Finance Limited manages several platforms, including Kashout, FlashCredit, FlashAlart, SwiftCredit, RapidLoans, AceCredit, AceLoan, and RapidAlart. Additionally, LetsGo App is provided by Letshego Microfinance Bank Limited, are amng the approved loan apps.
Source: Legit.ng
