FCCPC Moves Against Non-Compliant Digital Money Lenders
The Federal Competition and Consumer Protection Commission (FCCPC) has commenced enforcement actions against digital money lenders (DMLs) that failed to meet the compliance deadline under the 2025 Digital Lending Rules.
The Commission disclosed this development in a statement published on its official X page, confirming that the deadline for affected operators to regularise their operations expired on Monday, January 5, 2026.
Why the FCCPC Is Enforcing the Rules
According to FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, the enforcement drive is aimed at strengthening discipline, transparency, and consumer trust within Nigeria’s rapidly expanding digital lending ecosystem.
“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.
He stressed that the goal is not to disrupt legitimate digital lending businesses but to ensure that operators comply with regulatory standards designed to protect consumers.
Conditional Approvals Withdrawn
As part of the enforcement measures, the FCCPC has withdrawn the conditionally approved status earlier granted to digital lenders that failed to complete the regularisation process within the transitional period.
These operators have also been removed from the FCCPC’s official register of approved digital lenders, a public database intended to help consumers identify compliant and trustworthy lending platforms.
Bello emphasised that the register remains a critical consumer protection tool and warned Nigerians to exercise caution when dealing with lenders not listed on it.
Engagement With App Stores and Payment Providers
The Commission revealed that it has begun structured engagement with application hosting platforms and payment service providers as part of its broader monitoring and enforcement strategy.
This move is expected to strengthen oversight of digital lending activities and curb the operations of unregistered or non-compliant lenders that continue to access consumers through mobile apps and digital payment channels.
New Deadline for Transitional Operators
Digital money lenders that were provisionally designated as eligible under transitional arrangements have now been given a new deadline of April 2026 to complete their registration under the DEON Regulations.
“This window is provided to enable affected operators to take steps towards compliance,” Bello said, adding that lenders who fail to regularise within the new timeframe may face additional regulatory actions as provided by law.
Consumer Advisory
Reiterating the importance of the FCCPC’s register, the Commission urged members of the public to verify lenders before engaging with them and avoid platforms that do not appear on the current list of approved digital lenders.
The FCCPC says it will continue to update the register and intensify enforcement efforts to ensure a safer, more transparent digital lending market in Nigeria.
