FCCPC Denies Report Claiming It Approved 48 New Loan Apps

The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it approved 48 additional digital loan applications, describing the publication as false, misleading and inconsistent with the Commission’s actions.

In a post on social media, the Commission said its attention had been drawn to a publication titled: “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” stressing that the report did not reflect its position or actions.

The FCCPC said it remains a law-abiding institution and is fully complying with the ex parte order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further proceedings.

According to the Commission, it has not granted any new approvals or licences under the Regulations because of the court order.

“The FCCPC is a law-abiding institution and is fully complying with the ex parte Order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 pending further proceedings. Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false,” it said.

The Commission advised members of the public, industry participants and the media to disregard the publication and rely only on information released through its official communication channels.