The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it recently approved 48 new digital loan applications in Nigeria, describing the information as false and misleading.
The Commission said the publication, which claimed that the number of licensed digital lenders in the country had increased to 505, does not reflect its actions or official position.
In a statement shared on its social media platforms, the FCCPC explained that it has not issued any new approvals or licences for digital lending companies because it is complying with an existing court order.
According to the Commission, the Federal High Court had earlier issued an ex parte order temporarily stopping the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending the outcome of further legal proceedings.
The FCCPC stressed that, as a law-abiding government agency, it is fully respecting the court’s directive and has not taken any action that would violate the order.
It stated that reports suggesting it had recently approved 48 additional digital loan apps are completely inaccurate and should not be taken as factual.
The Commission said it remains committed to operating within the law and will only resume actions under the regulations when the legal issues surrounding the matter have been resolved by the court.
The agency also emphasized that it has not increased the number of licensed digital lenders in Nigeria since the court order came into effect.
According to the FCCPC, any claim that it has granted new approvals under the current circumstances is misleading and does not represent its official activities.
The Commission urged Nigerians, digital lending companies, investors, stakeholders and media organisations to ignore the publication and avoid spreading unverified information.
It advised members of the public to rely only on official statements released through the FCCPC’s verified communication channels for accurate information about digital lending regulations and licensing activities.
The agency noted that false reports have the potential to create confusion among consumers, businesses and investors, especially in the country’s growing digital lending sector.
Over the past few years, the FCCPC has introduced several measures aimed at regulating digital lending platforms, protecting consumers from unethical loan recovery practices and ensuring that operators comply with established standards.
These regulations were designed to improve transparency, promote responsible lending and protect borrowers from harassment and other unfair practices. However, the implementation of the latest regulations is currently on hold because of the ongoing legal proceedings.
The Commission reassured Nigerians that it remains committed to consumer protection and will continue to carry out its responsibilities in line with the law.
It added that once the court matter is concluded, it will provide updates through its official platforms and continue working to ensure that digital lending activities are properly regulated for the benefit of consumers and legitimate operators.
For now, the FCCPC maintained that no new digital loan applications have been approved and urged the public to disregard any reports suggesting otherwise.
