The number of companies registered and licensed to provide digital lending services through mobile apps has increased to 425 as of May 2025, up from 320 recorded last year.
The 425 companies are those that have either secured approval from the Federal Competition and Consumer Protection Commission (FCCPC) or been licensed by the Central Bank of Nigeria to provide digital lending services.
A look at the database of the FCCPC shows that 362 of the digital lenders have been granted full approval by the Commission, while 42 others are operating with conditional approval.