FCCPC Refutes Claims of Approving 48 New Digital Loan Applications
The Federal Competition and Consumer Protection Commission (FCCPC) has categorically denied reports that it approved 48 additional digital loan applications, emphasizing that no new licenses have been issued to digital lenders in Nigeria. The commission labeled the reports as false and misleading, urging the public to disregard them and rely solely on official communications.
In a statement posted on its official X account on Sunday, the FCCPC addressed a publication titled "FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505," stating that it does not reflect the commission's actions or stance. The regulator clarified that it has not granted any new approvals or licenses under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, due to compliance with a court order suspending the regulations.
Court Order Halts Licensing Process
The FCCPC explained that it remains bound by an ex parte order from the Federal High Court, which restrains the implementation and enforcement of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the outcome of the case. "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 recent licensing of digital lenders under the suspended regulations is entirely inaccurate.
The commission advised the public, media organizations, and fintech stakeholders to ignore the publication. It reiterated its commitment to transparency, regulatory compliance, and accurate information dissemination. Nigerians were encouraged to verify regulatory updates through official FCCPC platforms rather than unverified reports.
Previous Denials and Ongoing Legal Proceedings
This is not the first time the FCCPC has publicly debunked reports on digital lending approvals. Earlier in June, the commission denied claims that President Bola Tinubu had approved FCCPC proposals to restructure Nigeria's airtime credit market and authorized nine fintech companies to participate in the sector. The regulator maintained it had no role in those approvals and emphasized that the legal framework remains suspended.
The Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, have been 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 licenses will be issued under the suspended regulations.
Impact on Nigeria's Fintech Landscape
The FCCPC's denial comes amid ongoing legal disputes that threaten to reshape Nigeria's rapidly evolving financial landscape. With court proceedings looming, questions about transparency and integrity in the sector remain at the forefront. Stakeholders await clarity on the future of these reforms as the commission continues to comply with the court order.
According to Pascal Oparada, a journalist covering technology and the economy for over a decade, the FCCPC has consistently urged the public to rely on official updates. The commission's statement reinforces its position as a law-abiding institution committed to regulatory compliance.
