In October 2025, the FCCPC announced that the number of officially registered digital lenders, commonly known as loan apps, had reached 492. This increase follows the implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, which came into effect on July 21, 2025.
Under these regulations, all digital lenders operating in Nigeria are required to register with the FCCPC within 90 days of commencement. Failure to comply can result in sanctions, including fines of up to ₦100 million or 1% of turnover, and potential disqualification of directors for up to five years.
As of October, 434 companies have received full approval from the FCCPC, 36 have secured conditional approval, and 22 are licensed by the Central Bank of Nigeria (CBN) and exempt from FCCPC registration but still monitored.
The new regulations aim to address unethical practices in the digital lending space, such as harassment, data breaches, and misuse of personal information. FCCPC Executive Vice Chairman, Tunji Bello, emphasized the importance of balancing innovation with consumer protection, stating, “For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.”
Despite the surge in registrations, the FCCPC has placed 103 companies under its watchlist for potential regulatory actions. The Commission continues to collaborate with the CBN, Google, and other stakeholders to ensure full enforcement of the regulations.
Conclusion:
The FCCPC’s enforcement of the ₦100 million fine has significantly increased the number of compliant loan apps in Nigeria, promoting a safer and more transparent digital lending environment for consumers.
For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.
