FCCPC Targets 103 Loan Apps for Ban in Nigeria's Digital Lending Market

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria is targeting 103 loan apps for a ban following the expiration of the digital lending registration deadline. The FCCPC is intensifying efforts to sanitize Nigeria's digital credit market, with 457 out of 521 registered digital lenders receiving full approval to operate.

The Commission is overseeing the industry alongside the Central Bank of Nigeria (CBN) and is facing challenges due to the overwhelming number of players. The Money Lenders Association (MLA) acknowledges the enforcement challenges posed by the large number of operators.

The regulatory framework aims to monitor, register, and sanction digital non-traditional consumer lending activities.