FCCPC Grants Full Approval to 48 More Loan Apps, Total Now 505
The Federal Competition and Consumer Protection Commission has granted full approval to 48 additional digital lending firms. This brings the total number of approved loan apps in Nigeria to 505. These companies have met the Commission’s requirements and must follow ethical debt recovery rules. The FCCPC also granted registration waivers to 32 lenders already licensed by the Central Bank of Nigeria. More than 1,000 loan apps are now monitored. A total of 112 apps are on the watchlist, while 54 have been removed from app stores for breaching guidelines. Industry experts link the surge in approvals to the 2025 digital lending regulations. They warn that supervising over 500 registered lenders and hundreds of illegal operators could strain the Commission’s enforcement capacity.
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