A total of 521 digital lending companies are now under the regulatory oversight of the Federal Competition and Consumer Protection Commission (FCCPC), following the expiration of the January 5 deadline for compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. The FCCPC had mandated all digital lenders—whether app-based, online, or operating through other non-traditional platforms—to register with the Commission by January 5, 2026, as part of efforts to sanitise Nigeria’s rapidly expanding digital credit market.
Data from the Commission show that of the 521 registered companies, 457 have been granted full approval, while 35 have received conditional approval. The FCCPC said the surge in registrations reflects increased enforcement as well as the continued growth of the digital lending ecosystem, as the regulator moves to strengthen consumer protection and curb abusive practices in the sector.