….Removes 54 Apps, Flags 112 on Watchlist
The Federal Competition and Consumer Protection Commission (FCCPC) has granted full approval to 48 digital loan firms, raising Nigeria’s total fully licensed digital money lenders to 505, with none left under conditional approval.
The Commission said the 48 firms met all regulatory requirements and pledged compliance with consumer protection rules, including ethical debt recovery. Another 32 lenders have waivers because they are CBN-licensed.
With many firms running multiple apps, over 1,000 loan apps are now under FCCPC oversight.
The Commission also placed 112 apps on a watchlist and removed 54 from Google Play Store for violations.
The approvals follow the 2025 Digital Lending Regulations, which made registration mandatory. Experts say growth shows a rising credit market but raises questions about FCCPC’s monitoring capacity.
