The Federal Competition and Consumer Protection Commission (FCCPC) has rolled out phased enforcement actions targeting Digital Money Lending (DML) operators that did not regularise their operations as required by the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.
According to the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, the enforcement measures are necessary to fully implement the Regulations and strengthen regulatory certainty in Nigeria’s digital lending space.
“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.
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“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
As part of the approved enforcement framework, the FCCPC has withdrawn the conditional approval earlier granted to some DML operators that failed to complete the required regularisation process within the transitional period.
Following this action, the operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.
Bello explained that the Commission’s register serves as a key consumer information tool, guiding members of the public on digital lenders that have met regulatory requirements at the time of publication.
“The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication. 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.
The Commission also disclosed that it has begun structured engagements with relevant application hosting platforms and payment service providers as part of its enforcement and compliance monitoring efforts, in line with its statutory functions.
It added that further regulatory steps would be taken in accordance with the law and established procedures.
For operators provisionally designated as eligible under transitional arrangements, the FCCPC has set April 2026 as the deadline to complete their registration under the DEON Regulations.
“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Bello stated.
The FCCPC stressed that the enforcement process is aimed at strengthening market discipline, protecting compliant operators from unfair competition, and safeguarding consumers from abusive, deceptive, or unlawful practices.
“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 Commission reaffirmed its commitment to transparent regulation, fair competition, and effective consumer protection across Nigeria’s growing digital economy.