Di Federal Competition and Consumer Protection Commission (FCCPC) don give full approval to 48 more digital lending companies, wey make di total number of fully licensed digital money lenders for Nigeria reach 505.
According to di Commission latest update, di newly approved companies don meet all regulatory requirements to operate legally and follow consumer protection rules, especially those wey concern ethical debt recovery practices.
Dis development mean say di conditional approval phase don end, as all previously conditionally approved lenders don now get full registration.
Apart from di 505 fully approved lenders, FCCPC say 32 digital lending companies don receive registration waivers because dem don already get license from Central Bank of Nigeria (CBN).
Many of di approved companies dey run multiple lending platforms, wey bring di total number of loan apps under di Commission oversight to more than 1,000.
Di updated records also show say 112 loan apps remain for FCCPC watchlist, while 54 apps don be removed from Google Play Store for violating regulatory requirements.
Di increase for approved digital lenders follow di implementation of di Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, wey make registration compulsory for all digital lenders wey dey operate for Nigeria.
Industry stakeholders say di growing number of registered lenders reflect di rapid expansion of Nigeria consumer credit market, but also raise concerns about di Commission ability to effectively supervise di sector.
A Lagos-based financial analyst, Adewale Adeoye, note say while FCCPC don make significant progress for sanitising di digital lending industry through stricter regulations, enforcing compliance across more than 500 registered companies, alongside numerous illegal operators, go require substantial resources and institutional capacity.
Di analyst add say di new regulations now extend beyond loan apps to include lenders wey dey operate outside mobile applications, wey further expand di Commission oversight responsibilities.
Di President of di Money Lenders Association, Gbemi Adelekan, also acknowledge say monitoring such a large number of operators present a significant challenge.
However, e express confidence for di FCCPC capacity, noting say di Commission don respond promptly to industry concerns and assure stakeholders of im readiness to enforce di regulations.
Di current regulatory framework build on di Limited Interim Regulatory and Registration Framework wey dem introduce for 2022, wey first make registration compulsory for digital money lenders.
Despite previous efforts to clean up di industry, complaints of borrower harassment, intimidation and defamation persist, with some operators circumventing sanctions by distributing dia services through Android Package Kit (APK) files instead of di Google Play Store.
Under di 2025 regulations, non-compliant digital lenders face stricter penalties, including fines of up to ₦100 million or 10 per cent of annual turnover, as well as di possible disqualification of company directors from holding office for up to five years.
For borrowers and small businesses wey rely on digital credit, di expanded list of approved lenders provide greater assurance say registered operators dey subject to regulatory oversight and consumer protection standards, while unregistered platforms risk severe sanctions for non-compliance.
