FCCPC denies approving 48 new loan apps

The Federal Competition and Consumer Protection Commission (FCCPC) has refuted claims that it approved 48 additional digital loan applications, which would have raised the total number of licensed digital lenders in Nigeria to 505. The commission explicitly labeled the report as "false, misleading and” not reflective of its actions.

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The publication is false, misleading and does not represent the position or actions of the Commission.

In a statement released via its official X account on Sunday, the FCCPC clarified that it has not issued any new approvals or licenses for digital lenders. This stance is in compliance with an ex parte order from the Federal High Court, which currently restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further legal proceedings.

"Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations," the statement read. "Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false." The FCCPC emphasized its commitment to being a law-abiding institution and adhering strictly to court directives.

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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.

The commission urged the public, industry stakeholders, and media organizations to disregard the inaccurate publication and to seek information exclusively through its official communication channels. This denial follows previous instances where the FCCPC had to debunk similar reports, including one in early June alleging President Bola Tinubu's endorsement of FCCPC proposals to restructure the airtime credit sector.

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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.