Nigeria: FCCPC begins enforcement against non-compliant digital lenders

The Federal Competition and Consumer Protection Commission (FCCPC) has begun a phased enforcement process against Digital Money Lending (DML) operators that failed to regularise their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello

Announcing the move, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the enforcement was necessary to give full effect to the new regulations and ensure regulatory certainty in Nigeria’s fast-growing digital lending market.

According to Bello, the compliance window provided under the regulations has now closed, prompting the Commission to proceed with enforcement actions in line with due process.

“The Commission is moving forward with appropriate enforcement steps in a fair and orderly manner,” he said. “Our goal is to promote discipline, transparency and consumer confidence in the digital lending space, not to disrupt legitimate businesses.”

As part of the enforcement framework, the FCCPC has withdrawn the conditional approvals earlier granted to some digital lenders that failed to complete the regularisation process within the transitional period. These operators have also been removed from the Commission’s official register of approved digital lenders, pending full compliance with regulatory requirements.

Bello explained that the FCCPC’s published register is designed to help consumers identify lenders that meet regulatory standards.

“The register serves as a guide for the public. Consumers should be cautious when dealing with digital lenders that are not listed on the Commission’s current register of approved operators,” he said.

The Commission has also started structured engagements with application hosting platforms and payment service providers as part of its enforcement and compliance monitoring efforts. Additional regulatory actions, the FCCPC said, will be taken in line with existing laws and procedures.

For operators provisionally deemed eligible under transitional arrangements, the FCCPC has set April 2026 as the deadline to complete their registration under the DEON Regulations.

“This grace period allows affected operators to take concrete steps towards compliance. Those that fail to regularise within this timeframe may face further regulatory measures as предусмотрed by law,” Bello said.

The FCCPC stressed that the enforcement exercise is aimed at strengthening market discipline, protecting compliant operators from unfair competition, and shielding consumers from abusive, deceptive or unlawful lending practices.

“Consistent enforcement is critical to effective regulation. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection,” Bello added.

The Commission reaffirmed its commitment to transparent regulation, fair competition and robust consumer protection across Nigeria’s digital economy.