FCCPC Cracks Down on Non-Compliant Digital Lenders in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has initiated the enforcement of new regulations targeting digital lenders who fail to regularize their operations. The FCCPC's Executive Vice Chairman and CEO, Tunji Bello, emphasized the importance of compliance to restore regulatory certainty in the digital lending market.

The commission has withdrawn approval from non-compliant digital money lenders until they meet the necessary regulatory requirements. Failure to regularize within the specified timeframe may lead to further regulatory actions.

The FCCPC aims to promote market discipline, protect compliant lenders, and shield consumers from unfair practices in the lending sector. The commission introduced the Digital/Electronic Online Non-Traditional Consumer Lending Regulations 2025 to address issues like high-interest rates, misuse of personal data, aggressive debt recovery tactics, and unhealthy competition in the lending industry.

Consumers are urged to report any abuses by unregistered lenders through the FCCPC's complaint portal.