Nigeria’s FCCPC has granted full approval to 48 more loan app companies, taking the approved digital money lenders register to 505 and ending conditional listings.
Nigeria’s consumer watchdog, the FCCPC, has granted full approval to 48 loan app companies.
The move lifts the number of fully approved digital money lenders to 505.
The Federal Competition and Consumer Protection Commission, FCCPC, updated its register of approved digital money lenders and moved 48 companies from conditional status to full approval.
FCCPC said the database now contains 505 fully approved digital lenders. Earlier in the year, the list showed 457 fully approved lenders.
The updated register also shows there are no longer any lenders with conditional approval. In practice, this means the remaining firms either met the requirements or are no longer on the register.
Beyond the 505 fully approved companies, the FCCPC also lists 32 digital lenders with registration waivers. A waiver means the lender is already licensed by the Central Bank of Nigeria, CBN, so the FCCPC did not require a separate registration process.
Because many lenders operate more than one app, the FCCPC says the total number of loan apps under its oversight is now above 1,000.
The Commission also flagged enforcement activity. It said 112 loan apps are on its watchlist, and 54 apps have been removed from the Google Play Store for breaking rules.
For borrowers, the FCCPC approvals are meant to curb abusive debt collection. Ethical debt recovery means lenders can follow up on unpaid loans, but they should not use harassment, threats, or public shaming.
For lenders and fintech operators, the bigger story is compliance load. The growth in registered firms is linked to the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which requires digital lenders to register.
The rising count also raises questions about supervision capacity. As the number of approved players grows, the FCCPC still has to monitor illegal loan apps and enforce rules across the wider economy, not only lending.
Primary Source: Nairametrics
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