FCCPC Cracks Down on Digital Lenders Over Regulatory Non-Compliance

The FCCPC, led by its Executive Vice Chairman and Chief Executive, Tunji Bello, has begun clamping down on digital money lenders in Nigeria who have not complied with the regulatory requirements. The Commission's actions are aimed at ensuring regulatory certainty in the digital lending market, with a deadline for regularization set for January 5, 2026.

Ondaj Ijagwu, the Director of Corporate Affairs at FCCPC, highlighted the importance of consumer protection and transparency in the digital lending space. The FCCPC has published a registry of approved digital lenders to guide the public and has warned consumers to exercise caution when dealing with lenders not on the approved list.