The number of companies approved to operate in Nigeria’s digital lending space has risen to 436 as of July 2025, a 40.2 percent increase from the 311 recorded in September 2024.
These lenders include firms granted operational licenses by the Central Bank of Nigeria (CBN) and others approved by the Federal Competition and Consumer Protection Commission (FCCPC) to operate mobile lending apps.
However, amid this lending boom, the International Monetary Fund (IMF) has warned that rising defaults in the sector, along with other sectors, could
