Reps Move to Stop Implementation of FCCPC Digital Lending Regulations

By Oluwakemi Kindness

The House of Representatives has called for the immediate suspension of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online, and Non-Traditional Consumer Lending Regulations 2025.

This follows widespread concerns from key industry stakeholders and was as result of a motion of urgent public importance moved on Tuesday by Hon. Nnamdi Ezechi from Delta State, drawing the attention of the House to what he described as overlapping jurisdictions, procedural gaps, and investor concerns arising from the new regulations.

Ezechi explained that while the rules were intended to address consumer abuses in the fast-growing digital lending sector, they have triggered anxiety among operators, particularly the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Nigerian Communications Commission (NCC).

According to him, stakeholders faulted the FCCPC for failing to engage relevant sector regulators, including the Central Bank of Nigeria (CBN), Nigerian Investment Promotion Commission (NIPC), and Nigeria Data Protection Commission (NDPC), before issuing the regulations.

He said the inconsistencies and overlaps between the FCCPC’s guidelines and existing laws administered by the CBN, NCC, NIPC, and NDPC could lead to regulatory conflicts, weaken investor confidence, and discourage innovation in the country’s digital economy.

The lawmaker warned that such uncertainty could undermine government’s broader objectives on digital transformation, financial inclusion, and foreign direct investment.

The House, after deliberation, resolved to direct the FCCPC to suspend the implementation of the digital lending regulations pending wider consultation with relevant regulators and industry stakeholders.

Lawmakers also mandated the NCC, CBN, NIPC, and ALTON to suspend further actions on the policy, and approved the constitution of a special ad hoc committee to investigate the issues raised, engage with all affected agencies, and propose a harmonized framework.

The committee is also expected to review conflicting provisions in the regulation relating to local content obligations, investor protection, and judicial clarity, and report back to the House within six weeks for further legislative action.