Number of Approved Loan App Companies in Nigeria Reaches 284 in May 2024

In a recent report, the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN) have approved a total of 284 loan app companies as of May 2024. 

This represents an increase from the 266 companies approved in March of the same year.

According to the FCCPC’s updated list of authorized digital lenders, 232 companies have received full approval, while 41 have been granted conditional approval. Additionally, several companies are licensed by the CBN to operate as digital lenders in Nigeria.

The FCCPC listed 11 other companies licensed by the CBN to operate loan apps, making a total of 284 approved digital lenders operating in the Nigerian market.

The latest figures for approved loan apps in Nigeria highlights the FCCPC’s role in approving more digital lenders even as it struggles to bring the existing players under control.

It is however worth noting that with the increase in the number of approved digital lenders, there has been a corresponding increase in the number of loan apps offering instant loans to Nigeria. This is because many of the approved digital lenders operate multiple loan apps.