By Paul Chimodo
The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false reports claiming it approved 48 additional digital loan applications, raising the number of licensed digital lenders in Nigeria to 505.
In a statement, the commission described the publication as misleading and said it did not reflect its actions or official position. It clarified that no new approvals or licences had been granted under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
The FCCPC explained that it is complying with an ex parte order of the Federal High Court restraining the implementation of the 2025 regulations pending the determination of a suit challenging the framework. As a result, it said no fresh digital lending licences have been issued under the suspended regulations.
The commission urged members of the public, industry stakeholders and media organisations to disregard the report and rely only on information released through its official communication channels.
FCCPC also reaffirmed its commitment to obeying court orders and providing accurate information on its regulatory activities.
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