Nigeria’s consumer protection regulator, the Federal Competition and Consumer Protection Commission (FCCPC), has begun removing defaulting digital loan apps from its list of approved operators after they failed to meet a January 5 deadline to regularize their operations.
According to the commission, the affected platforms did not complete registration under Nigeria’s new digital lending regulations, which apply to online and app-based credit providers. As a result, several loan apps have lost their previously granted conditional approvals and are no longer authorised to offer lending services in the country.
The move marks a significant step in the FCCPC’s ongoing effort to clean up Nigeria’s digital lending ecosystem, which has long faced complaints around harassment, data misuse, and opaque lending practices.
FCCPC Tightens Oversight of Digital Lenders
Speaking on the enforcement action, FCCPC Executive Vice Chairman and CEO, Tunji Bello, said the delisting exercise is aimed at restoring order and consumer trust in the fast-growing digital lending market, rather than shutting down legitimate businesses.
“At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Bello said. “The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
The FCCPC confirmed that its public register of approved digital lenders has now been updated. The commission advised borrowers to rely on this register when choosing loan apps and to exercise caution when dealing with platforms that no longer appear on the list.
“The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication,” Bello said. “Consumers are advised to be cautious when dealing with digital lenders that do not appear on the Commission’s current list of approved operators.”
Collaboration With App Stores and Payment Providers
Beyond delisting non-compliant apps, the FCCPC said it is working with app stores and payment service providers to strengthen oversight across the digital lending value chain. This collaboration is expected to limit the ability of unregistered loan apps to continue operating through alternative channels.
The commission has also made it clear that enforcement will continue as digital lending becomes more widespread in Nigeria, especially among underbanked consumers who rely on mobile loans for short-term credit.
What Happens Next for Affected Loan Apps
Loan apps that previously received temporary or conditional approval have been given until April 2026 to complete their registration under the new regulatory framework. According to Bello, the extension provides operators with an opportunity to correct documentation gaps and fully comply with regulatory requirements.
The FCCPC says the broader goal of the exercise is to protect borrowers from unfair and abusive lending practices while ensuring that compliant businesses are not disadvantaged by operators who ignore the rules.
As Nigeria’s digital lending market continues to expand, the commission says it will intensify monitoring to ensure loan apps operate transparently, fairly, and within the law.
