Tungjatjeta,
Victoria from Techpoint here,
Here’s what I’ve got for you:
- ₦100M fine pushes 492 loan apps into compliance
- This startup is breaking Nigeria’s male health taboo
- Lidya shuts down after 9 years in business
₦100M fine pushes 492 loan apps into compliance
The number of legally operating loan apps in Nigeria has climbed to 492, following tougher regulations from the Federal Competition and Consumer Protection Commission (FCCPC). The new rule, which kicked in on July 21, 2025, slaps a ₦100 million fine (or 19% of turnover) on any digital lender that refuses to register.
Why should you care? The digital lending space has been notorious for shady practices, from harassing borrowers and spamming contacts to misusing personal data. The FCCPC says the new regulation is meant to fix that, creating a fairer, safer ecosystem for borrowers and legit operators.
Of the 492 registered companies, 434 now have full approval, 36 are on conditional approval, and 22 lenders licensed by the Central Bank of Nigeria (CBN) are exempt but still monitored. That’s up from 425 in May, meaning 67 new companies scrambled to get on the right side of the law in just four months.
FCCPC boss Tunji Bello says the move balances innovation with consumer protection. He also warned loan apps to stay away from people’s contact lists, stick to transparent loan terms, and quit using harassment tactics. Companies caught flouting the rules could lose their licences and their directors could be banned from running businesses for up to five years.
The commission isn’t backing down either. Over 100 companies remain on its watchlist for dodgy practices, as the FCCPC doubles down on audits, fines, and app store takedowns in partnership with Google and the CBN.
This startup is breaking Nigeria’s male health taboo
For many Nigerian men, talking about sexual health is still a taboo. Erectile dysfunction, premature ejaculation, and low testosterone are more common than people think, affecting up to half of men, but hardly anyone talks about it. Instead, most suffer in silence, often turning to random supplements or shady online cures.
That’s the silence Priv Health is trying to break. The telehealth startup was created to help men get real medical help for sensitive issues privately, conveniently, and without judgment.
“Because men are not getting the care they need, they end up with poorer health outcomes, higher death rates, and shorter life spans compared to women,” says Joseph Anya, Priv Health’s co-founder. “Everyone’s building for women’s health—and that’s great—but men also need care.”
Anya and his co-founder, Dr. Olusina Ajidahun (popularly known online as The Bearded Dr Sina), started Priv Health in 2024 after realising how many men were avoiding hospitals out of embarrassment or lack of awareness. The goal: make it easier for men to access credible, discreet healthcare without having to walk into a clinic.
It’s clearly working. Since launching in January 2024, Priv Health has helped over 1,000 men and built a growing community of 8,000. The startup has also pulled in ₦19 million in revenue so far, all from addressing problems most men would rather not talk about.“
We’re building more than a health platform,” Anya says. “We’re creating a safe space for men to open up, get help, and take charge of their health.” Find out how Priv Health works in Delight’s latest for Techpoint Africa.
Lidya shuts down after 9 years in business
Lidya, the Nigerian digital lender that once promised to revolutionise SME financing in Africa, has quietly shut down after nearly a decade in operation. In an email seen by Techpoint Africa, the company told customers it could no longer continue due to severe financial distress, effectively marking the end of its journey.
Founded by Jumia alumni Tunde Kehinde and Ercin Eksin, Lidya launched with a bold idea, giving small and medium businesses access to fast, collateral-free loans through a digital platform. Over time, it tried to evolve, tweaking its business model to survive in an increasingly competitive lending space.
In 2020, Lidya tried its luck in Europe, opening offices in Poland and the Czech Republic. The move seemed ambitious, and it even raised $8.3 million in a pre-Series B round the following year. But by 2023, the company had pulled out of both markets, returning focus to Nigeria in hopes of stabilising its operations.
That comeback attempt led to Lidya Collect, a loan recovery platform aimed at helping businesses manage repayments more efficiently. Unfortunately, the product didn’t live up to expectations. Several customers complained of failed transactions and frozen funds, with some saying they had to manually chase down debts after the platform went offline.
Those frustrations may now worsen following the official shutdown. In its farewell message, the company admitted it was “unable to process funds or settle claims” because of its financial situation, leaving many users uncertain about their money.
Lidya’s closure comes after months of turbulence inside the company. Both co-founder Tunde Kehinde and CTO Cristiano Machado exited in late 2024, and much of its Portugal-based tech team reportedly disbanded after payroll delays. It’s an unceremonious end for a startup once seen as one of Nigeria’s digital lending pioneers.
In case you missed it
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Opportunities
- SeamlessHR is hiring a Brand Specialist. Apply here.
- PalmPay is recruiting a Talent Development Manager. Apply here.
- Andela is looking for an Advocacy and Event Community Manager. Apply here.
- Onchain Festival 2025, happening on October 30th at The Dome, Lekki, offers funding, knowledge, live product demos, powerful networking, and visible growth, where ideas find investors, creators meet collaborators, and innovation comes alive. Don’t miss out. Be part of the story; get your tickets now.
- TLP Advisory is surveying the listing potential of Nigerian venture-backed businesses on the NGX. Share your insights by completing this survey.
- Bolt is looking for a Senior General Manager in Nigeria and Ghana. Apply here.
- Standard Bank Group is looking for a Virtual Banker, Africa China Banking. Apply here.
- Fraud Analyst at Kuda Technologies. Apply here.
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Have a fun weekend!
Victoria Fakiya for Techpoint Africa
