The Federal Competition and Consumer Protection Commission has dismissed as false a report claiming it approved 48 additional digital loan applications, raising the number of licensed digital lenders in Nigeria to 505.
In a statement posted on its official X handle on Sunday, the commission described the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” as “false, misleading and” not reflective of its actions.
The commission said it had not granted any new approvals or licences for digital lenders, stressing that it was complying with an 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.
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.
