FCCPC Denies Approval of 48 New Loan Applications

The Federal Competition and Consumer Protection Commission (FCCPC) issued a statement denying reports that it had approved 48 new digital loan applications, raising the total number of licensed digital lenders in Nigeria to 505. The FCCPC described the claims as false and misleading, clarifying that it had not granted any new approvals for digital lenders.

The commission stressed its commitment to comply with an ex parte order from the Federal High Court that restrains the implementation of digital electronic online non-traditional consumer lending regulations until further proceedings are concluded. The FCCPC urged the public and industry stakeholders to disregard the misleading information and reiterated its commitment to providing accurate information regarding its regulatory activities.

This denial follows previous reports in June that alleged President Bola Tinubu endorsed a proposal for restructuring the airtime credit sector, which the FCCPC also refuted, maintaining that no approvals had been granted.