The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming it approved 48 additional digital loan applications, describing the information as false and misleading.

The commission said it has not expanded the list of approved digital lenders to 505, contrary to reports that circulated over the weekend. It added that no new approvals have been granted because it remains bound by a Federal High Court order suspending the implementation of its 2025 Digital Lending Regulations.

Court order blocks fresh approvals

According to the FCCPC, it cannot issue new approvals under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, because the framework is currently under judicial review.

The commission said it will continue to comply with the court order until the case is determined and will not take any action under the suspended regulations.

Why the clarification matters

The FCCPC noted that its approval has become a key benchmark for Nigerians seeking to identify legitimate digital loan platforms.

Since the agency began its crackdown on abusive loan apps in 2022, it has repeatedly warned consumers against borrowing from unregistered operators accused of illegal debt recovery practices, privacy breaches and harassment. It said false reports about new approvals could expose borrowers to unlicensed platforms and create confusion within the industry.

Background to the legal dispute

The FCCPC introduced an interim registration framework for digital lenders in 2022 following widespread complaints about unethical practices in the sector.

In July 2025, the agency replaced the interim framework with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, giving operators until January 5, 2026, to comply.

However, on April 15, 2026, the Federal High Court granted an interim order restraining the implementation of the regulations after a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN). The substantive hearing has been fixed for July 20, 2026.

The commission also recalled that earlier in June it debunked similar reports linking it to fresh approvals involving fintech firms in Nigeria’s airtime credit market. It advised the public to rely only on its official communications for updates on digital lender approvals while the court case is pending.