FCCPC Begins Clampdown on Digital Money Lenders
The Federal Competition and Consumer Protection Commission (FCCPC) has begun enforcement measures to clamp down on Digital Money Lending (DML) operators for failing to regularise their dealing with the commission.
The Director of Corporate Affairs, FCCPC, Mr Ondaje Ijagwu, in a circular on Wednesday in Abuja, said that the commission had removed such operators from its list of approved digital lenders.
Ijagwu said the deadline for the operators to regularise their dealings ended on Jan. 5. Ondaje said the regularisation was in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
He quoted the Executive Vice Chairman of FCCPC, Mr Tunji Bello, as saying tha the actions were necessary to give effect to the regulations and to maintain regulatory certainty in the country’s digital lending market.
Bello said the objective was to promote discipline, transparency, and consumer confidence within the digital lending space, and not to disrupt legitimate business activity.
”The compliance window provided under the Regulations has now closed.
”At this stage, the commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process.
”As part of the approved enforcement framework, the commission has withdrawn the conditionally approved status previously granted to certain DML operators that did not complete the required regularisation process within the transitional period.
”Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements,” he said.
Bello noted that the commission’s published register served as an important consumer information tool.
He advised consumers to exercise caution while dealing with digital lenders that did not appear on the Commission’s current list of approved operators.
According to him, FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as at the time of publication.
He said the commission had also started structured engagement with relevant application hosting platforms and payment service providers as part of ongoing enforcement and compliance monitoring activities.
”Further regulatory steps will be undertaken in accordance with law and established procedures.
”For those provisionally designated as eligible under transitional arrangements, the commission has issued a deadline of April 2026 to regularise their registration under the DEON Regulations.
”This window is provided to enable affected operators to take steps towards compliance,” he said.
The commission reaffirmed its commitment toward transparent regulation, fair competition, and effective consumer protection across the country’s digital economy. Naira Drops Against US Dollar Across Nigerian Forex Markets
