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.

United Bank for Africa (UBA) Plc has reaffirmed its commitment to environmental sustainability and employee wellness by mobilising thousands of its employees across 20 African countries for its quarterly “Jogging to Bond” initiative.

L-R: Group Deputy Managing Director, United Bank for Africa (UBA), Chukwuma Nweke; Group Managing Director’s daughter, Elizabeth Oly-Alawuba; Group Managing Director/CEO, UBA, Oliver Alawuba; his wife, Professor Nkeiruka Oly-Alawuba; Head of Business, UBA, Babatunde Ajayi; and Group Head, Customer Experience, UBA, Michelle Nwoga, at the Bank’s quarterly wellness initiative, “Jogging to Bond”, held at the weekend, which also marked the GMD’s 60th birthday.

The programme, held under the theme, “The Power Within U,” combined physical fitness activities with environmental clean-up exercises carried out simultaneously in cities across the bank’s operations.

The event also coincided with the 60th birthday of UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, who celebrated the milestone with staff members.

Speaking during the event, Alawuba said employee wellbeing, teamwork and community service remained central to the bank’s corporate values.

“There is no place I would rather be on my birthday than here, surrounded by the incredible people who make UBA what it is today.

“Our greatest strength lies in our people, in the passion, energy and sense of purpose that unite us across Africa.

“When we run together, serve together and work together to make our communities cleaner and healthier, we are doing more than promoting fitness. We are demonstrating our shared values and our commitment to the people and communities that place their trust in us every day,” he said.

According to the bank, employees participated in coordinated environmental sanitation exercises in cities including Lagos, Accra, Nairobi and Dakar as part of efforts to promote environmental stewardship and sustainable development.

The bank said the initiative formed part of its Environmental, Social and Governance (ESG) strategy, aimed at integrating community service into employee engagement activities.

In Lagos, the programme featured fitness sessions, wellness activities, relaxation therapy and other health-focused engagements designed to promote healthy living among employees.

Also speaking, UBA’s Group Head, Marketing and Corporate Communications, Mrs Alero Ladipo, said the initiative reflected the bank’s commitment to employee welfare and sustainable development.

“At UBA, our people are at the heart of everything we do. We believe that creating a thriving workforce requires investing in their wellbeing while also encouraging them to make a positive difference in society.

“‘Jogging to Bond’ embodies our commitment to fostering a healthy workplace culture, strengthening team spirit and contributing meaningfully to environmental sustainability,” she said.

Ladipo added that the bank would continue to implement programmes that promote employee wellness, volunteerism and environmental responsibility across its operations.

UBA operates in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates, providing retail, commercial and institutional banking services.