The Federal Competition and Consumer Protection Commission has granted full approval to 48 digital loan app companies that had previously operated under conditional approval.

According to the Commission’s updated list of approved digital money lenders, the latest approvals increase the total number of licensed digital lenders in its database to 505.

The latest approvals mean that all 505 companies on the FCCPC’s register have now met the regulatory requirements to operate as digital money lenders in Nigeria. The companies are expected to comply with the Commission’s rules, particularly those prohibiting unethical debt recovery practices such as harassment, intimidation, and threats, which have long been associated with some loan sharks.

The FCCPC’s updated data also shows a significant shift in the regulatory landscape.

As of January this year, 457 digital lenders had secured full approval, while others still operated under conditional approval. With the latest update granting full approval to the remaining 48 companies, there are no longer any digital money lenders on the Commission’s register with conditional approval.

In addition to the 505 digital money lenders that have received full approval from the FCCPC, 32 other lenders have been granted regulatory waivers because they are already licensed and supervised by the Central Bank of Nigeria.

Many of the approved companies operate multiple lending applications, bringing the total number of loan apps under the FCCPC’s regulatory oversight to more than 1,000.

Meanwhile, the FCCPC has placed 112 digital loan apps on its watchlist, while 54 others have been removed from the Google Play Store for violating the Commission’s regulatory guidelines.

The increase in the number of registered digital money lenders is widely attributed to the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, which require all digital lenders operating in Nigeria to register with the Commission.