FCCPC begins delisting defaulting loan apps following January 5 registration deadline

The Federal Competition and Consumer Protection Commission (FCCPC) is removing loan apps from its approved list after they failed to meet a January 5 deadline to regularise their operations.

The consumer watchdog says the affected platforms did not complete registration under the country’s new digital lending rules, which govern online and app-based credit services.

Consequently, a number of digital lending institutions have experienced the revocation of their previously granted conditional approvals. This means these apps are no longer officially approved to offer loans in Nigeria.

FCCPC’s cleanup of Nigeria’s loan app space

FCCPC Executive Vice Chairman and CEO Tunji Bello stated that the enforcement aims to restore order and trust in digital lending, not to shut down legitimate businesses, emphasising the closure of the compliance window provided under the regulations.

“At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” he said. “The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”

The commission says its public register of approved lenders is now updated and should serve as a guide for borrowers choosing loan apps. Bello warned users to be careful 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. Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.

Also read: How digital lenders can secure FCCPC approval ahead of the January 5, 2026, deadline

In addition to delisting, the FCCPC is collaborating with app stores and payment service providers to oversee compliance within the digital lending ecosystem.

What happens next for the affected loan apps

Loan apps with temporary approval have until April 2026 to finish registering under the new regulations. Bello stated this extension allows operators to correct any missing paperwork and comply with all regulatory requirements.

The commission states that this enforcement effort is designed to protect borrowers from unfair lending practices. It also aims to ensure that businesses following the rules are not unfairly impacted by those who don’t. Bello further explained that solid regulation leads to a stable environment for consumers and companies alike.

As digital loans become more common in Nigeria, the FCCPC states that it will increase its monitoring of the industry. This is to guarantee that loan apps are open, just, and lawful in their operations.

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