FCCPC Denies Issuing 48 Digital Lending Licences

The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it recently approved 48 additional digital loan applications, stating that no new licences have been issued under Nigeria’s suspended digital lending regulatory framework.

The clarification follows media reports alleging that the Commission had increased the number of licensed digital lenders in the country to 505 after granting approvals to new operators.

In a statement published on its official X account on Sunday, June 29, the FCCPC described the reports as false and inconsistent with its current regulatory position.

The Commission said it remains bound by an ex parte order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON) 2025, following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026, in a suit instituted by the Wireless Application Service Providers Association of Nigeria (WASPAN).

“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,” the FCCPC said.

The agency stressed that it remains committed to complying with court directives and maintaining transparency in its regulatory activities, urging investors, industry participants, media organisations and members of the public to rely solely on information disseminated through its official communication channels.

The development marks the second time in recent weeks the Commission has been compelled to refute media reports concerning regulatory approvals — a pattern that raises questions about the sourcing and verification standards applied to coverage of Nigeria’s digital lending sector.

Earlier in June, the FCCPC dismissed claims that President Bola Tinubu had endorsed proposals to restructure Nigeria’s airtime credit sector and approved nine fintech firms to participate in the market. The Commission maintained that it played no role in the purported approvals and that the regulatory framework cited in those reports equally remains suspended pending the outcome of court proceedings.

The companies named in those reports included Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited and Coverage Broadband Limited.