FCCPC denies new loan app approvals
Analysis based on 6 articles · First reported Jun 28, 2026 · Last updated Jun 30, 2026
The market for digital lending in Nigeria is impacted by the ongoing legal dispute and the Nigeria — Federal Competition and Consumer Protection Commission's compliance with the court order, which prevents new approvals. This creates uncertainty for potential new entrants and existing operators awaiting regulatory clarity.
The Nigeria — Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria has publicly dismissed false reports claiming it approved 48 new digital loan applications, which would have increased the total licensed digital lenders to 505. The Nigeria — Federal Competition and Consumer Protection Commission clarified that it has not granted any new approvals or licenses due to an ex parte order issued by the Nigeria — Federal High Court of Nigeria. This court order restrains the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further legal proceedings. The injunction was granted following a lawsuit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN) on April 15, 2026. The Nigeria — Federal Competition and Consumer Protection Commission urged the public and media to disregard misleading publications and rely solely on official communication channels, reiterating its commitment to legal compliance and accurate information dissemination. This is not the first time the Nigeria — Federal Competition and Consumer Protection Commission has debunked such claims, having previously denied reports about Bola Tinubu approving airtime credit market restructuring and licensing fintech companies.
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