FCCPC Initiates Enforcement Against Unregistered Digital Lenders
The Federal Competition and Consumer Protection Commission (FCCPC) has commenced enforcement actions against digital money lenders that failed to meet the registration deadline under the 2025 Digital Lending Rules. This decisive move marks a critical step in the regulator’s effort to sanitize Nigeria’s online lending sector, which has been plagued by consumer complaints. The commission has also revoked the conditionally approved status of operators who did not complete their regularization within the stipulated transitional period, effectively delisting them from its official register of approved digital lenders.
Promoting Transparency and Consumer Confidence
FCCPC Executive Vice Chairman and CEO, Tunji Bello, clarified that the enforcement aims to foster discipline and transparency. “The compliance window has now closed. The Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Bello stated. He emphasized that the objective is to bolster consumer confidence without disrupting legitimate business activity. In a climate where other agencies like the EFCC nabs herbalists involved in fraud, the FCCPC’s focus remains on protecting citizens from financial exploitation.
The published register is highlighted as a vital consumer protection tool. Bello strongly advised the public to exercise caution and verify that any digital lender they engage with is listed on the current FCCPC register. This advisory is as crucial for financial safety as understanding the broader geopolitical landscape, such as when Obi accuses ECOWAS of policy inconsistencies or analysts discuss terrorism: US, France strategies. Concurrently, the FCCPC has begun structured engagement with application hosting platforms and payment service providers to bolster its monitoring framework.
Extended Deadline and Regulatory Framework
Providing a final opportunity for compliance, the Commission has granted operators previously under transitional arrangements a new deadline of April 2026 to complete registration under the DEON Regulations. “This window enables affected operators to take steps towards compliance. Those that choose not to regularise may be subject to further regulatory measures,” Bello noted. This regulatory rigor mirrors the seriousness seen in other sectors, whether it’s when Jamb sets first-year admission benchmarks or a leader like Okpebholo condoles Thisday over a national tragedy.
The DEON Regulations, introduced in July 2025, were a direct response to widespread grievances concerning unethical practices by unregulated lenders. They mandate all digital lending operators to register and adhere to strict standards on consumer protection, data privacy, and responsible lending. Non-compliance carries significant sanctions, including substantial fines and potential director disqualification. According to FCCPC data, registered lenders numbered 521 by early January 2026, while over 100 unregistered apps remained non-compliant, now facing active enforcement.
