FCCPC grants full approval to 48 more loan app companies, total now 505
By Aboki Forex —
The Federal Competition and Consumer Protection Commission (FCCPC) has granted full approval to 48 loan app companies that previously held conditional approval. The latest update brings the total number of fully approved digital money lenders in Nigeria to 505.
According to the Commission’s updated list, all previously conditionally approved lenders have now met the full requirements. These companies are now expected to operate under strict rules, especially on ethical debt recovery. The FCCPC has made it clear that harassment and threats will not be tolerated.
As of January this year, only 457 lenders had full approval. The latest figures show no lenders remain on conditional approval status.
In addition to the 505 fully approved lenders, 32 other digital lenders have been granted registration waivers. These waivers apply because the companies are already licensed by the Central Bank of Nigeria (CBN).
Many of the registered companies operate more than one loan app. This means the total number of loan apps under FCCPC supervision is now over 1,000.
The Commission also reports that 112 loan apps are currently on its watchlist. Meanwhile, 54 apps have been removed from the Google Play Store for violating the regulator’s rules.
The sharp increase in registered lenders follows the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. These regulations make registration mandatory for all digital lenders in the country.
Industry stakeholders say the growth shows the size of Nigeria’s consumer credit market. But they also raise concerns about effective supervision as the sector expands.
A Lagos-based financial analyst, Mr. Adewale Adeoye, noted that the FCCPC is doing its best to clean up the digital lending space. However, he warned that enforcement could become a challenge given the large number of players.
“Don’t forget that the FCCPC’s mandate covers consumer protection across all sectors of the economy,” he said. “The digital lending sector is just one part of that.”