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The commission explained that the regulatory framework under which those approvals were reportedly granted remains suspended following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026, in a lawsuit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it approved 48 additional digital loan apps in Nigeria.
In a statement posted on its official X account on Sunday, the commission described the report as false and misleading. The report had alleged that FCCPC approved 48 new loan apps, increasing the number of licensed digital lenders in the country to 505.
FCCPC clarified that it has not issued any new approvals or licences for digital lenders. According to the commission, it is complying with a Federal High Court order that temporarily stopped the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
The commission said any report suggesting it recently approved new digital lenders under the suspended regulations is completely untrue.
FCCPC urged the public, media organisations, and industry stakeholders to ignore such reports and rely only on information released through its official communication channels.
The agency also reaffirmed its commitment to obeying court orders and providing accurate information about its regulatory activities.
This is not the first time the commission has denied reports of approving loan apps. Earlier in June, FCCPC also rejected claims that it approved nine fintech companies to participate in the airtime credit market.
The commission explained that the regulatory framework under which those approvals were reportedly granted remains suspended following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026, in a lawsuit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
