FCCPC Grants Full Approval to 48 More Loan Apps, Raises Licensed Digital Lenders to 505

The Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approval to 48 additional digital money lending companies, increasing the number of fully licensed loan app operators in Nigeria to 505.

The latest approvals, published in the Commission’s updated register of digital money lenders, mark the completion of the transition for firms that previously operated under conditional approval.

With the latest development, the FCCPC said all companies that had received conditional approval have now fulfilled the regulatory requirements for full licensing.

The Commission said the approved companies are expected to comply with its consumer protection regulations, particularly provisions prohibiting harassment, intimidation, threats and other unethical debt recovery practices that have long been associated with some digital lending platforms.

More Than 1,000 Loan Apps Under Regulatory Oversight

According to the updated data, the FCCPC had approved 457 digital lenders as of January 2026. The addition of 48 new companies brings the total number of fully licensed operators to 505.

The Commission also disclosed that 32 other digital lenders currently enjoy registration waivers because they are already licensed and regulated by the Central Bank of Nigeria (CBN).

Many of the licensed firms operate multiple mobile applications, bringing the total number of loan apps under the Commission’s oversight to more than 1,000.

The FCCPC further revealed that 112 digital lending platforms remain on its watchlist for regulatory monitoring, while 54 loan apps have been removed from the Google Play Store for violating consumer protection rules.

New Regulations Drive Compliance

Industry observers attribute the increase in registered digital lenders to the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which made registration mandatory for all digital lenders operating in Nigeria.

The regulations expanded the Commission’s oversight powers and strengthened consumer protection measures within the rapidly growing digital lending industry.

Experts Raise Enforcement Concerns

Despite welcoming the increase in licensed operators, industry stakeholders have expressed concern over the FCCPC’s capacity to effectively supervise the expanding sector.

Lagos-based financial analyst Adewale Adeoye said the growing number of registered lenders reflects the size of Nigeria’s consumer credit market but could present significant enforcement challenges.

He noted that monitoring more than 500 licensed companies, alongside hundreds of illegal operators, would require substantial regulatory resources.

According to Adeoye, the Commission’s responsibilities extend beyond digital lending to consumer protection across multiple sectors of the economy, making effective oversight increasingly demanding.

He also observed that the new regulations now cover digital lenders operating outside conventional mobile applications, further expanding the Commission’s supervisory responsibilities.

Industry Commends FCCPC

President of the Money Lenders Association (MLA), Gbemi Adelekan, acknowledged that supervising the large number of operators would not be easy but expressed confidence in the Commission’s ability to enforce compliance.

He said the FCCPC had assured industry stakeholders that it possesses the capacity to regulate the sector effectively and has so far responded promptly to issues affecting licensed operators.

Tougher Penalties for Violations

The current regulatory framework builds on the FCCPC’s 2022 interim registration guidelines, which first made registration compulsory for digital money lenders.

Despite earlier efforts to sanitise the sector, complaints of borrower harassment, public shaming and privacy violations persisted, with many operators continuing to function outside official app stores through Android Package Kit (APK) installations.

Under the 2025 regulations, non-compliant digital lenders now face stiffer sanctions, including fines of up to ₦100 million or 10 per cent of annual turnover, as well as the possible disqualification of company directors from operating in the sector for up to five years.

The Commission said the strengthened regulatory framework is aimed at promoting responsible lending practices while protecting consumers from abusive debt recovery methods and other unfair business practices.