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The Digest:

The Federal Competition and Consumer Protection Commission (FCCPC) has unveiled new regulations aimed at curbing harassment, data breaches, and unethical practices by digital lenders in Nigeria. The rules, effective from July 21, 2025, introduce stringent measures to protect consumers in the digital credit space.

Key Points:

  • FCCPC introduces new rules to protect consumers from digital lenders.
  • Digital lenders must register with the FCCPC within 90 days.
  • Non-compliant operators face penalties of up to ₦100 million or 1% of turnover.
  • The rules prohibit pre-authorized lending and unethical marketing practices.
  • Loan terms must be transparent, and local ownership is required for airtime/data lending.
  • Violations could result in the disqualification of directors for up to five years.
  • Consumers are urged to report unlawful lenders, unfair interest rates, or data violations.
The FCCPC's new regulations are designed to promote responsible lending, protect consumer rights, and ensure transparency in the digital lending sector. The rules seek to hold violators accountable and safeguard against unethical practices.


Sources: Channels TV