The Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approval to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505.
According to the Commission’s updated register of approved digital money lenders, the newly approved firms have satisfied all regulatory requirements to operate in the country and have committed to complying with consumer protection rules, including ethical debt recovery practices.
The latest update also shows that there are no longer any digital lenders operating under conditional approval.
In addition to the 505 fully approved companies, the FCCPC disclosed that 32 digital lenders have been granted registration waivers because they are already licensed by the Central Bank of Nigeria (CBN).
With many of the approved companies operating multiple lending platforms, the number of loan apps under the Commission’s regulatory oversight now exceeds 1,000.
The FCCPC also revealed that 112 loan apps are currently on its watchlist, while 54 applications have been removed from the Google Play Store for violating regulatory guidelines.
The increase in the number of approved digital lenders follows the implementation of the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025, which made registration mandatory for all digital lenders operating in Nigeria.
Industry experts say the growth in registered loan apps reflects the expanding consumer credit market but also raises concerns about the commission’s capacity to effectively monitor the rapidly growing sector.
A Lagos-based financial analyst, Adewale Adeoye, noted that although the FCCPC has made significant progress in sanitising the digital lending industry through stricter regulations, effective enforcement may become increasingly challenging.
“Don’t forget that the FCCPC’s mandate covers consumer protection across all sectors of the economy, and digital lending is just one part of it. Monitoring more than 500 registered companies requires substantial capacity, while hundreds of illegal operators also need to be tracked and sanctioned,” he said.
Adeoye added that the Commission’s expanded regulatory framework now covers lenders that operate outside mobile applications, making supervision even more demanding.
Also speaking on the development, the president of the Money Lenders Association (MLA), Gbemi Adelekan, acknowledged that regulating the growing number of operators could be overwhelming.
However, he expressed confidence in the FCCPC’s capacity, noting that the commission has assured stakeholders of its readiness and has continued to respond promptly to issues affecting the industry.
The Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025, build on the Limited Interim Regulatory and Registration Framework introduced in 2022, which first made registration compulsory for digital lenders.
Despite previous regulatory efforts, complaints of borrower harassment, intimidation, and defamation persisted, with many non-compliant operators migrating from the Google Play Store to Android Package Kit (APK) distribution channels after being delisted.
Under the 2025 regulations, digital lenders that violate the rules risk severe sanctions, including fines of up to ₦100 million or 10 per cent of their annual turnover, as well as the disqualification of directors from participating in the industry for up to five years.
