FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505

The Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approval to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505.

According to the Commission’s updated register of approved digital money lenders, the newly approved firms have satisfied all regulatory requirements to operate in the country and have committed to complying with consumer protection rules, including ethical debt recovery practices.

The latest update also shows that there are no longer any digital lenders operating under conditional approval.

In addition to the 505 fully approved companies, the FCCPC disclosed that 32 digital lenders have been granted registration waivers because they are already licensed by the Central Bank of Nigeria (CBN).

With many of the approved companies operating multiple lending platforms, the number of loan apps under the Commission’s regulatory oversight now exceeds 1,000.
The FCCPC also revealed that 112 loan apps are currently on its watchlist, while 54 applications have been removed from the Google Play Store for violating regulatory guidelines.

The increase in the number of approved digital lenders follows 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.

Industry experts say the growth in registered loan apps reflects the expanding consumer credit market but also raises concerns about the Commission’s capacity to effectively monitor the rapidly growing sector