FCCPC Imposes N100m Sanction on Non-Compliant Digital Lenders

The Federal Competition Consumer Protection Commission (FCCPC) has started enforcing new regulations on digital lenders in Nigeria, introducing a penalty of N100 million for non-compliant operators. The move aims to curb abusive lending practices and protect millions of Nigerian consumers who rely on digital credit.

The FCCPC's executive vice executive officer, Tunji Bello, emphasized that the new framework will end the era of impunity in the loan app market, addressing issues like harassment, data breaches, and unethical practices. The regulations, effective from July 21, 2025, grant the FCCPC broad powers to register, monitor, and sanction digital lenders, including fines and director disqualifications.