FCCPC denies approving 48 new digital loan apps

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The Federal Competition and Consumer Protection Commission has dismissed reports that it approved 48 new digital loan applications. It said no new licences have been issued.

The commission stated it remains bound by a Federal High Court order. That order suspends the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations 2025.

The FCCPC urged the public and media to ignore the false report. It said only information from its official channels should be trusted.

In a statement on its X account, the commission said the publication claiming it raised the number of licensed digital lenders to 505 is false. It added that no new approvals have been made under the suspended regulations.

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