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Government Releases Updated List to Protect Consumers from Illegal and Predatory Lenders
Nigeria’s digital lending industry has undergone a major regulatory overhaul, with the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN) authorising over 430 digital money lenders to operate legally as of 2026.
RELATED: FCCPC delists 47 unregistered loan apps in crackdown on unethical lending practices
The Federal Government, through the FCCPC, has published an updated register of approved loan applications, confirming that more than 400 digital lenders have now attained full regulatory approval. The move is aimed at safeguarding consumers and ensuring that only compliant operators remain active in Nigeria’s fast-growing fintech ecosystem.
Why the Approved List Matters for Borrowers
The FCCPC said the updated register is part of its ongoing drive to clean up the digital lending space and shield Nigerians from the risks associated with unlicensed operators.
Using unapproved loan apps has been linked to:
- Harassment and intimidation of borrowers
- Data privacy violations and illegal access to contacts
- Predatory interest rates and unfair repayment terms
The Commission stressed that Nigerians should verify every loan app against the official list before borrowing, warning that unregistered platforms remain the quickest route to financial abuse.
Four Categories of Licensed Digital Lenders in 2026
To help consumers better understand the regulatory status of lenders, the FCCPC has grouped approved platforms into four distinct categories:
1. Full Approval
Apps in this category have met all technical, legal and ethical standards set by the FCCPC and are fully authorised to operate.
2. Conditional Approval
These lenders are legally recognised but are still completing final documentation. They remain under close regulatory monitoring.
3. CBN Waiver
These platforms are owned by licensed Microfinance Banks (MFBs) and fall directly under the supervision of the Central Bank of Nigeria, making them some of the most stable operators in the sector.
4. Watchlist
Apps on this list are under investigation for potential violations. Borrowers are strongly advised to avoid them.
Over 45 Loan Apps Blacklisted in 2026
As part of the regulatory crackdown, the FCCPC has also blacklisted 45 digital loan apps as of January 2026. These platforms were declared illegal after failing to comply with Nigeria’s Digital Lending Regulations.
According to the Commission, users of these blacklisted apps face heightened risks, including:
- Aggressive debt recovery tactics
- Unauthorised use of personal data
- Hidden charges and exploitative interest rates
The FCCPC urged consumers to report any suspicious lending platforms and to rely only on lenders listed on the official FCCPC portal.
A Safer Digital Lending Environment
Regulators say the clean-up marks a turning point for Nigeria’s fintech sector, helping to restore trust in digital finance and promote responsible lending.
For Nigerians seeking loans whether for emergencies, business expansion or personal needs, the message from authorities is clear:
verify before you borrow. Visit: https://fccpc.gov.ng/registration-of-digital-money-lenders/
Consumers are also encouraged to explore government-backed financing options for larger, long-term needs such as housing and small business support through the Federal Government Loan Portal.
