FCCPC expands approved loan app list, raises total to 505

The Federal Competition and Consumer Protection Commission (FCCPC) has granted full approval to 48 additional loan app companies that previously operated under conditional approval.

According to the Commission’s latest update, the total number of fully approved digital lending companies in Nigeria has now increased to 505.

These companies have met all the requirements set by the FCCPC and are expected to follow its regulations, including ethical debt recovery practices.

The Commission has repeatedly warned against the harassment, intimidation, and threats often associated with some loan operators.

As of January 2026, 457 digital lenders had received full approval. The latest update shows that all companies previously operating under conditional approval have now either gained full approval or been removed from that category.

In addition to the 505 approved lenders, the FCCPC has granted registration waivers to 32 digital lending companies already licensed by the Central Bank of Nigeria (CBN).

Many of these companies operate multiple loan applications, bringing the total number of loan apps monitored by the FCCPC to more than 1,000.

The Commission also revealed that 112 loan apps are currently on its watchlist, while 54 apps have been removed from the Google Play Store for violating regulatory guidelines.

Industry experts believe the growing number of registered digital lenders is linked to the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which requires all digital lenders to register with the FCCPC.

While the increase in approved lenders reflects the growth of Nigeria’s consumer credit market, some stakeholders have expressed concerns about the Commission’s ability to effectively supervise such a large number of operators.

A Lagos-based financial analyst, Adewale Adeoye, said monitoring over 500 registered lenders, alongside hundreds of illegal operators, could stretch the FCCPC’s enforcement capacity.

He also noted that the new regulations cover lenders operating outside mobile apps, making oversight even more demanding.

Similarly, President of the Money Lenders Association (MLA), Gbemi Adelekan, acknowledged the challenge of regulating the rapidly expanding sector. However, he said the FCCPC has assured industry players that it has the capacity to manage the task and has responded quickly to issues affecting the industry.

The current regulations build on the FCCPC’s 2022 framework, which made registration mandatory for all digital money lenders in Nigeria.

Despite efforts to clean up the sector, complaints of borrower harassment and defamation have continued. Some lenders have reportedly bypassed sanctions by operating through Android Package Kit (APK) files instead of the Google Play Store.

Under the 2025 regulations, lenders that violate the rules may face fines of up to N100 million or 19 percent of their turnover. Directors of offending companies may also be barred from participating in the industry for up to five years.