Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approvals to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505.

This is also as the regulator disclosed that a total of 112 loan apps are currently on its watchlist, while 54 applications have been removed from the Google Play Store for violating regulatory guidelines.

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According to the commission’s updated register of approved digital money lenders, the newly approved firms have satisfied all regulatory requirements to operate in the country and have committed to complying with consumer protection rules, including ethical debt recovery practices.

The new additions bring the total number of fully licensed digital money lenders in Nigeria to 505, just as the latest update also shows that there are no longer any digital lenders operating under conditional approval.

In addition to the 505 fully approved companies, the FCCPC disclosed that 32 digital lenders have been granted registration waivers because they are already licensed by the Central Bank of Nigeria (CBN).

With many of the approved companies operating multiple lending platforms, the number of loan apps under the Commission’s regulatory oversight now exceeds 1,000.

The FCCPC also revealed that 112 loan apps are currently on its watchlist, while 54 applications have been removed from the Google Play Store for violating regulatory guidelines.

The increase in the number of approved digital lenders follows the implementation of the Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025, which made registration mandatory for all digital lenders operating in Nigeria.

The Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025, builds on the Limited Interim Regulatory and Registration Framework introduced in 2022, which first made registration compulsory for digital lenders.

Despite previous regulatory efforts, complaints of borrower harassment, intimidation, and defamation persisted, with many non-compliant operators migrating from the Google Play Store to Android Package Kit (APK) distribution channels after being delisted.

Under the 2025 regulations, digital lenders that violate the rules risk severe sanctions, including fines of up to N100 million or 10 per cent of their annual turnover, as well as the disqualification of directors from participating in the industry for up to five years.