Federal Competition and Consumer Protection Commission (FCCPC) has dismissed as false a report claiming it approved 48 additional digital loan applications, raising the number of licensed digital lenders in Nigeria to 505.

In a statement posted on its official X handle on Sunday, the commission described the publication, titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505,” as “false, misleading and” not reflective of its actions.

The commission said it had not granted any new approvals or licences for digital lenders, stressing that it was complying with an ex parte order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, pending further proceedings.

The statement read, “The attention of the Federal Competition and Consumer Protection Commission has been drawn to a publication titled ‘FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505.’ The publication is false, misleading and does not represent the position or actions of the Commission.

“The FCCPC is a law-abiding institution and is fully complying with the ex parte Order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 pending further proceedings.

“Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false.”

The commission urged members of the public, industry stakeholders and media organisations to disregard the publication and rely only on information released through its official communication channels.

It reiterated its commitment to complying with court orders and providing accurate information on its regulatory activities.

Industry leaders, regulators, and payment experts have called for stronger infrastructure, responsible artificial intelligence (AI) adoption, and deeper cross-sector collaboration to unlock the next phase of growth in Nigeria’s digital payments ecosystem.

The stakeholders made the call during the 2026 Digital Pay Expo held in Lagos on June 17 and 18, 2026. This year’s event focused heavily on the transformative role of AI, cybersecurity, cross-border transactions, and deepening financial inclusion across Africa.

Speaking at the event, Dr. Rekiya Yusuf, Director of the Payment System Supervision Department at the Central Bank of Nigeria (CBN), represented by Chika Ugwueze, Deputy Director, stated that Nigeria’s payment ecosystem is rapidly evolving beyond digital adoption into deeper digital transformation.

According to Yusuf, artificial intelligence is emerging as a critical driver of this shift, particularly in real-time fraud detection and expanding access to underserved populations. “The goal is to make financial transactions seamless. AI is now driving innovation, helping in real-time fraud detection and helping to expand access,” she said.

She noted, however, that important gaps remain, particularly around infrastructure and inclusion. Building a resilient digital market system in the AI era requires reliable connectivity, robust infrastructure, intentional talent development, and sustained capacity building.

Echoing the regulator’s call for robust ecosystem support, Chika Nwosu, Managing Director of PalmPay Nigeria, said trust, access, and practical financial support remain critical to helping small businesses participate more meaningfully in the formal economy.

He noted that while micro, small, and medium enterprises (SMEs) contribute an impressive 40 per cent to Nigeria’s Gross Domestic Product (GDP), limited access to credit and reliable payment infrastructure continues to slow their ability to grow and scale.

To drive true innovation, Nwosu argued that financial inclusion must move beyond simply opening accounts and enabling basic transactions; it requires building a foundation of trust and tangible economic empowerment.

“SMEs contribute 40 per cent of the country’s GDP. For us at PalmPay, we don’t just provide payment solutions to them, we also support them with financial tools they need to expand and create jobs,” he said. .

Nwosu further emphasised the importance of digital literacy, noting that stronger understanding of digital tools and AI-enabled systems will be essential to buildling long-term trust and participation across the ecosystem.

The discussions at Digital Pay Expo 2026 reflected a growing consensus across the industry: the future of African digital payments will depend on getting the fundamentals right. That means stronger infrastructure, responsible use of AI, better cybersecurity, and closer collaboration between regulators, fintechs, and other ecosystem players.

For PalmPay, the event reinforced the importance of building a payments ecosystem that is more resilient, more secure, and better equipped to support inclusion and growth at scale.

Nigeria’s Computer Emergency Response Team (NgCERT) has urged financial institutions to reinforce their cybersecurity systems following a surge in automated teller machine (ATM)-related attacks targeting banks across Africa.

In a cybersecurity advisory issued on June 25, the agency classified the threat as “high risk,” warning that the attacks could inflict significant financial losses, disrupt banking operations and damage public confidence if not promptly addressed.

NgCERT, the federal agency responsible for coordinating responses to cyber threats in Nigeria under the Office of the National Security Adviser (ONSA), said the warning was prompted by a recent cyberattack on United Bank for Africa (UBA) in Senegal.

According to the advisory, cybercriminals successfully compromised the bank’s card authorization infrastructure, enabling them to manipulate transaction controls and carry out 3,421 ATM withdrawals that resulted in losses exceeding $2 million.

The agency said the attack demonstrated a sophisticated methodology that poses a serious threat to financial institutions operating similar ATM and payment card systems across Africa.

“This methodology poses a significant threat to financial institutions operating similar ATM and card systems across the region,” the advisory stated.

NgCERT explained that investigations into recent incidents indicate that attackers typically gain initial access to bank networks through phishing campaigns, vulnerabilities within third-party supply chains or insider assistance.

Once inside the network, the attackers conduct extensive reconnaissance to identify critical systems responsible for ATM transaction processing, card management and transaction authorisation.

The agency said the threat actors then deploy malware, escalate their system privileges and manipulate key security controls, including ATM withdrawal limits, transaction velocity restrictions, fraud monitoring thresholds and payment card parameters.

It added that the attackers are also capable of creating new payment card records or altering existing ones, enabling coordinated cash-out operations involving multiple operatives simultaneously withdrawing large amounts of cash from ATMs across different locations.

NgCERT warned that successful exploitation of these vulnerabilities could result in massive financial losses through the rapid depletion of ATM cash reserves, compromise of core banking infrastructure and manipulation of customer accounts.

Beyond direct financial losses, the agency said such attacks could trigger regulatory sanctions, reputational damage, service disruptions and broader network compromise that may lead to sensitive data breaches.

To mitigate the threat, ngCERT advised banks to strengthen privileged access management and enforce multi-factor authentication for all administrative accounts.

The agency also urged financial institutions to immediately harden their ATM infrastructure by disabling unnecessary remote access, applying the latest firmware updates and reviewing all third-party remote access channels and vendor accounts.

Other recommendations include implementing strict network segmentation, enhancing real-time transaction monitoring, conducting continuous threat-hunting activities, carrying out regular penetration testing and red-team exercises, and strengthening employee awareness of phishing attacks and insider threats.

NgCERT further called on banks to regularly test and update their incident response plans to ensure they are equipped to respond effectively to sophisticated ATM cash-out attacks as cyber threats continue to evolve.