The Federal Competition and Consumer Protection Commission (FCCPC) has granted full approval to 48 digital lending companies that were previously operating under conditional approval. This brings the total number of fully approved digital lenders in Nigeria to 505. All 48 companies have now met the regulatory requirements set by the FCCPC, including compliance with ethical debt recovery practices. As of January 2026, the number of fully approved lenders stood at 457, meaning the latest batch marks a significant expansion in the approved sector.
In addition to the 505 approved lenders, the FCCPC has issued registration waivers to 32 digital lending firms already licensed by the Central Bank of Nigeria (CBN). Many of these companies operate multiple loan applications, contributing to over 1,000 loan apps currently monitored by the agency. The Commission has also identified 112 loan apps on its watchlist for potential violations, while 54 have already been removed from the Google Play Store for breaching regulatory guidelines. Some lenders continue to bypass sanctions by distributing their apps through Android Package Kit (APK) files outside official app stores.
The expansion follows the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which require all digital lenders to register with the FCCPC. These regulations build on the 2022 framework that made registration mandatory and include penalties for violations such as harassment of borrowers. Offending lenders may face fines of up to N100 million or 19 percent of their annual turnover, while directors may be barred from the industry for up to five years. Despite regulatory efforts, borrower complaints persist, particularly around intimidation and defamation.
Lagos-based financial analyst Adewale Adeoye expressed concern about the FCCPC's ability to supervise such a large number of approved and unapproved operators. Gbemi Adelekan, President of the Money Lenders Association (MLA), acknowledged the challenges of regulating the fast-growing sector but said the FCCPC has assured stakeholders it has the capacity to manage oversight and respond promptly to industry issues.
The FCCPC approved 48 lenders while still dealing with widespread borrower harassment by sanctioned apps, revealing a gap between registration and actual compliance. The Commission claims oversight capacity, yet lenders are already evading enforcement by using APK files outside regulated platforms. With over 1,000 apps to monitor and violations ongoing, the surge in approvals raises questions about the real impact of regulation on the ground.
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