A total of 521 digital lending companies are now under the regulatory oversight of Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC), following the expiration of the January 5 deadline for compliance with new consumer lending rules.
The FCCPC had directed all digital lenders operating through mobile apps, online platforms or other non-traditional channels to register with the Commission and comply with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. Enforcement began immediately after the deadline.
According to data from the Commission, 457 of the registered companies have received full approval, while 35 were granted conditional approval. An additional 29 lenders licensed by the Central Bank of Nigeria (CBN) remain subject to FCCPC oversight under the new framework.
Despite the surge in registrations, the Commission said 103 loan apps operated by unregistered entities have been placed on a regulatory watchlist. The FCCPC has warned that lenders operating outside its approval framework face sanctions, including app delisting, fines and possible prosecution.
Industry stakeholders say the growing number of registered lenders highlights both the scale of Nigeria’s digital credit market and the challenge of effective supervision. Lagos-based financial analyst Adewale Adeoye said monitoring more than 500 companies could strain the FCCPC’s capacity, particularly as the regulations also cover lenders operating outside mobile apps.
The President of the Money Lenders Association, Gbemi Adelekan, echoed those concerns but said the Commission has so far been responsive to industry engagement. He noted that customer complaints have declined since the introduction of the new rules, although some borrowers continue to exploit the system by taking loans from multiple platforms without repayment.
The 2025 regulations, which took effect on July 21, 2025, prohibit unethical recovery practices, mandate transparent loan terms, restrict access to users’ contacts and photos, and bar automatic or pre-authorised lending. The FCCPC said the rules are intended to promote fairness, accountability and consumer protection in Nigeria’s digital lending ecosystem.
