The Digest:
The Federal Competition and Consumer Protection Commission has placed 103 unregistered loan apps on a regulatory watchlist for possible ban, following the expiration of the January 5 deadline for compliance with Nigeria’s 2025 Digital Lending Regulations.
Key Points:
- FCCPC has placed 103 unregistered loan apps under watch for potential ban
- 521 digital lenders are now under FCCPC oversight; 457 have full approval
- The January 5, 2026, deadline for compliance with new regulations has passed
- Rules mandate registration, fair interest rates, data privacy, and ethical recovery
- Non-compliant lenders face fines up to ₦100 million or 19% of turnover
- Industry voices support regulation but question FCCPC’s capacity to monitor over 500 firms
- The 2025 regulations expand oversight to IT platforms supporting digital lenders
Sources: Legit Ng, FCPC
