FCCPC goes after digital money lenders in Nigeria
The Federal Competition and Consumer Protection Commission, FCCPC, has commenced a phased implementation of enforcement measures in respect of Digital Money Lending, DML, operators.
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statement released on Wednesday by its spokesperson, Ondaje Ijagwu, said the enforcement is targeted at those who did not regularise their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
The Commission had fixed Monday, 5 January 2026, as the deadline for compliance.
Speaking on the commencement of enforcement measures, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, stated that the actions were necessary to give effect to the regulations and to maintain regulatory certainty in Nigeria’s digital lending market, in line with the Commission’s statutory mandate.
“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Mr. Bello said.
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The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
As part of the approved enforcement framework, the Commission has withdrawn the conditionally approved status previously granted to certain DML operators that did not complete the required regularization process within the transitional period.
Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.
