FCCPC Imposes N100m Fine on Loan Apps in Nigeria for Unfair Practices
The Federal Competition Consumer Protection Commission (FCCPC) in Nigeria has imposed a new regulation to fine loan apps up to N100 million for unfair practices, including harassing borrowers and invading privacy. The Digital Electronic Online Consumer Lending Regulations 2025 aim to protect millions of Nigerians using digital lenders from high interest rates, misuse of personal data, and aggressive debt recovery.
The move follows numerous complaints of abusive practices by lenders, including declaring borrowers dead for missed repayments. FCCPC's CEO, Tunji Bello, stated that the regulation will end years of unethical practices in the digital lending sector, requiring loan apps to register with FCCPC and adhere to fair interest rates within 90 days.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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