Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has taken enforcement action against digital money lending platforms that missed the regulatory compliance deadline, removing them from its official registry of approved operators.
The agency had established January 5, 2026, as the final date for digital lenders to meet requirements under the newly implemented Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations, 2025. Companies that failed to meet this threshold have had their conditional approvals revoked and their names struck from the commission’s public list of authorized lenders until they achieve full regulatory compliance.
FCCPC Executive Vice Chairman and Chief Executive, Mr. Tunji Bello, defended the enforcement measures as essential for establishing regulatory order and safeguarding consumer interests in the digital lending sector.
“The grace period outlined in the regulations has expired. The commission is now implementing enforcement protocols in an equitable and systematic manner. We aim to foster accountability, openness, and public trust in digital lending operations without unnecessarily hindering legitimate commerce,” Bello explained.
He stressed that the FCCPC’s registry functions as a consumer protection tool. “We urge the public to be vigilant when engaging with digital lending platforms not listed on the commission’s current roster of authorized operators,” he advised.
The watchdog has also initiated discussions with mobile application hosting services and payment processors as part of its ongoing oversight framework. Digital lenders granted provisional eligibility status during the transition phase have until April 2026 to finalize their registration under the DEON Regulations.
“Platforms that do not complete the regularization process within this timeframe will be subject to additional regulatory sanctions as permitted under existing law,” Bello cautioned.
The commission reiterated its dedication to maintaining clear regulatory standards, ensuring market competition, and protecting Nigerian consumers as the country’s digital financial services sector continues to expand.
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