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The Digest:

The Federal Competition and Consumer Protection Commission (FCCPC) has begun enforcing compliance measures against Digital Money Lending (DML) operators who failed to regularise their status under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. According to a statement from spokesperson Ondaje Ijagwu, the enforcement action follows the expiration of the January 5, 2026, compliance deadline. FCCPC Executive Vice Chairman Tunji Bello stated that operators not completing the regularization process have been removed from the commission’s approved register. A further grace period until April 2026 has been granted to provisionally eligible operators to finalize their registration.

Key Points:
  • The crackdown aims to improve transparency, discipline, and consumer protection in Nigeria’s digital lending sector.
  • Removal from the FCCPC register signals regulatory risk for non-compliant lenders and alerts consumers to unapproved operators.
  • The enforcement underscores the government’s push to curb predatory lending practices and restore confidence in digital finance.
  • Compliant lenders benefit from a cleaner regulatory environment, while non-compliant ones face potential operational restrictions.
  • The phased approach balances strict enforcement with opportunities for late compliance, minimizing market disruption.

Sources: Business Day, Daily Post