FCCPC Moves Against Non-Compliant Digital Lenders

By Oluwakemi Kindness

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced enforcement actions 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 FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said the compliance window provided by the new regulations has officially closed, paving the way for regulatory action.

According to him, the Commission is moving carefully but firmly to enforce the law.

“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,” Bello said.

In a statement issued on Wednesday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the Commission clarifies that the enforcement drive is aimed at promoting discipline, transparency, and consumer confidence in Nigeria’s fast-growing digital lending sector, rather than disrupting legitimate businesses.

The FCCPC disclosed that some DML operators that failed to complete the regularization process have had their conditional approvals withdrawn and have been removed from the Commission’s official register of approved digital lenders, pending full compliance.

Bello stressed that the published register is meant to guide consumers in identifying lenders that meet regulatory standards.

“Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.

On operators currently under provisional approval through transitional arrangements, Bello noted that the grace period is meant to allow them to take concrete steps toward compliance.

He warned that lenders who fail to regularise their status within the allowed timeframe risk further regulatory sanctions as provided by law.

“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” Bello added.

The FCCPC reaffirmed its commitment to sanitising the digital lending space while safeguarding consumer rights and encouraging responsible lending practices.