The Federal Competition and Consumer Protection Commission (FCCPC) has announced that a total of 492 digital lending platforms, popularly known as loan apps, have now been officially registered to operate in Nigeria.

The development comes as the Commission enforces its new Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, which took effect on July 21, 2025, to sanitise Nigeria’s digital lending space.

According to the FCCPC, out of the 492 registered companies, 434 have received full approval, while 36 hold conditional licences pending final evaluation. Another 22 lenders, already licensed by the Central Bank of Nigeria (CBN), are being monitored under an exemption clause.

The Commission revealed that 67 new digital lenders joined its register between May and October 2025, reflecting a surge in compliance as operators rushed to meet the 90-day registration deadline.

Under the new rules, any unregistered digital lender risks penalties of up to N100 million or 19 per cent of annual turnover, in addition to five years’ director disqualification, depending on the gravity of non-compliance.

Speaking on the enforcement drive, FCCPC Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, said the regulations were designed to protect Nigerians from years of harassment, data breaches, and unethical recovery practices.

“For too long, Nigerians have endured harassment and data abuse from unregulated lenders. These new rules make it clear that innovation is welcome, but not at the expense of consumer rights and the rule of law,” Bello stated.

He added that the new framework provides a solid legal foundation for ensuring transparency, privacy protection, and responsible loan recovery practices across all digital lending platforms.

Also commenting, the President of the Money Lenders Association (MLA), Mr. Gbemi Adelekan, described the new measures as “a step in the right direction,” saying the rules will encourage lenders to rely on credit bureaus rather than public shaming or intimidation for debt recovery.

Adelekan noted that the growing number of loan apps was partly driven by retired bankers and new investors seeking easier entry into financial services compared to microfinance banking.

The FCCPC reiterated that 103 loan apps remain under regulatory watch for alleged violations and unethical conduct, warning that its monitoring and enforcement actions will continue.