Nigeria’s fast-growing digital credit market has officially come under tighter regulatory oversight, with 521 digital lending companies now registered with the Federal Competition and Consumer Protection Commission (FCCPC).
The move follows the expiration of the January 5 deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, signaling a new era of accountability in the sector.
The Commission had directed all digital lenders, whether app-based, online, or operating through other non-traditional channels, to register and comply with the new regulations on or before the January 5, 2026 deadline.
With the cut-off date now passed, the FCCPC reports a significant increase in companies formally submitting to oversight, reflecting both the sector’s rapid growth and the regulator’s intensified enforcement efforts.
According to FCCPC records, 457 of the 521 registered companies have been fully approved, while 35 received conditional approval.
An additional 29 companies, already licensed by the Central Bank of Nigeria (CBN), also fall under the FCCPC’s regulatory framework.
Meanwhile, 103 loan apps operating outside the registration system have been placed on the Commission’s watchlist for regulatory actions.
