Loan Apps are under the spotlight as the FCCPC now regulates 521 digital lenders, marking a turning point in Nigeria’s consumer credit story.
Recently, the January 5 deadline for compliance with the Digital, Online and Non-Traditional Lending Regulations, 2025 passed, prompting the Commission to act decisively to bring order to the fast-growing sector.
Loan Apps Under Scrutiny
For months, the FCCPC warned all digital lenders, whether app-based, online, or using other unconventional channels to register and comply with the new rules.
Consequently, many lenders rushed to submit their applications as the deadline approached.
Approvals And Oversight
According to FCCPC records, the Commission granted full approval to 457 companies and conditional approval to 35 more, reflecting the regulator’s thorough assessment.
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Meanwhile, 29 lenders already licensed by the CBN remain under FCCPC oversight, demonstrating how multiple authorities now shape the digital lending landscape.
Challenges And The Road Ahead
However, the sector still faces challenges.
The Commission identified 103 unregistered loan apps and placed them on a watchlist for potential sanctions.
It also warned that unapproved lenders face fines, app delisting, or prosecution if they continue operating illegally.
Industry observers argue that the surge to 521 registered lenders highlights Nigeria’s expanding credit market, but it also raises concerns about effective supervision.
Lagos-based financial analyst Adewale Adeoye points out that although the FCCPC is actively sanitising the sector, enforcing regulations may become difficult given the growing number of players.
Ultimately, Nigeria’s digital credit market stands at a crossroads: it offers booming opportunities for consumers, yet regulators must protect borrowers and ensure compliance to prevent chaos.
