Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) denies reports that it has approved 48 new digital loan applications. In statements reported by multiple outlets, the FCCPC says it has not granted any new licenses for digital lending platforms. The commission attributes the lack of approvals to an existing court order that suspends the licensing process pending further legal proceedings.
Both reports frame the denial as a response to circulating claims that 48 additional loan apps were approved. According to the FCCPC, licensing activity is therefore on hold and any approval figures should be treated as inaccurate until the court case is resolved and the licensing process resumes. The commission does not indicate in the reports what the next steps are, only that the suspension remains in effect due to the court order. The matter is presented as an ongoing regulatory and legal issue affecting the approval of new digital lending services in Nigeria.
