The Federal Competition and Consumer Protection Commission (FCCPC) has officially gazetted and commenced new regulations aimed at curbing unethical practices in Nigeria’s fast-growing digital lending sector.
Announcing the development in Abuja, the FCCPC’s Executive Vice Chairman and CEO, Mr. Tunji Bello, stated that the rules were designed to protect consumers from harassment, data breaches, and predatory lending tactics.
“For too long, Nigerians had endured harassment, data breaches, and unethical practices by unregulated digital lenders. Innovation is welcome, but not at the expense of consumer rights or the rule of law,” Bello emphasized.
Key Provisions of the FCCPC Digital Lending Regulations
The new regulations are designed to promote responsible digital finance while ensuring consumer protection and transparency.
Registration Requirement
- All digital lenders must register with the FCCPC within 90 days of the regulation’s commencement.
- Eligible operators include:
- Mobile Money Operators (MMOs)
- Digital Money Lenders (DMLs)
- Service partners
Compliance Standards
- Registration approval is dependent on meeting standards in:
- Consumer protection
- Data compliance
- Transparency in lending practices
Penalties for Non-Compliance
- Fines of up to ₦100 million or 1% of turnover
- Disqualification of directors for up to five years
Protecting Nigerian Consumers
The FCCPC stressed that no consumer should be harassed, defamed, or lured into unsustainable debt in the name of digital lending.
By setting clear accountability measures, the Commission is ensuring that Nigerians benefit from innovation in financial services without being exposed to abuse or exploitation.
Call to Action for Digital Lenders
The FCCPC has urged all current and prospective providers of digital lending services to:
- Visit the official FCCPC website
- Download application forms and guidelines
- Review compliance requirements
Failure to comply within the stipulated time frame will attract serious regulatory sanctions.
Conclusion: A Step Toward Responsible Digital Finance
The FCCPC’s new regulations mark a significant step toward sanitizing Nigeria’s digital lending industry. With stricter registration rules, transparency requirements, and strong penalties for violators, the Commission aims to build a digital finance ecosystem that protects consumers while supporting innovation.
For Nigerians, this means an end to predatory lending, data misuse, and harassment, ushering in an era of responsible and ethical financial services.
