The Federal Competition and Consumer Protection Commission (FCCPC) has denied approving 48 additional digital loan applications in Nigeria.
In a statement issued on it’s Facebook page the FCCPC said the publication titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505” does not represent its position or recent actions.
The regulatory agency clarified that it has not issued any new licences or approvals to digital lending companies.
The FCCPC said it is currently complying with an order of the Federal High Court restricting the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
According to the commission, the court order remains in effect pending further proceedings.
“The FCCPC is a law-abiding institution and is fully complying with the ex parte Order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025,” the statement read.
The commission added that any information suggesting that new digital lenders were recently approved under the regulations is inaccurate.
“Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations,” it stated.
The FCCPC urged members of the public, industry operators, and media organisations to disregard the report.
It advised Nigerians to rely only on updates released through the commission’s official communication channels.