FCCPC shuts down claims of new loan app approvals, says 48-app report is false
Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has dismissed widespread reports claiming it recently approved 48 additional digital lending apps, describing the claims as inaccurate and misleading.
The commission clarified that no new digital loan licences have been issued and insisted that the widely circulated figure of an expanded approval list (reportedly pushing total licensed apps to 505) is not backed by any official record. According to the regulator, it is currently unable to issue fresh approvals due to an ongoing Federal High Court order that has paused the implementation of its 2025 digital lending framework.
At the centre of the issue is the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON Regulations, 2025), which were introduced to tighten oversight of online lending platforms. However, enforcement of the framework has been suspended following a legal challenge filed by the Wireless Application Service Providers Association of Nigeria (WASPA/N-style industry grouping referenced in reports), with a substantive hearing scheduled for July 20, 2026.
The FCCPC says this legal restriction means any suggestion of newly approved apps under the suspended framework is incorrect. Until the court reaches a final decision, the commission maintains that it cannot legally act on or enforce the updated licensing structure.
Digital lending has remained a sensitive space in Nigeria due to years of consumer complaints around harassment, privacy breaches, and aggressive debt recovery tactics by unregulated loan apps. Since 2022, the FCCPC has repeatedly warned the public to verify the status of lending platforms before borrowing, making official approval lists a key trust benchmark for users.
The regulator also noted that similar false reports have surfaced before, including earlier claims in 2026 linking it to approvals in Nigeria’s airtime credit and fintech lending space. It says the public should rely strictly on official announcements, especially while the court case remains unresolved.
