The Federal Competition and Consumer Protection Commission (FCCPC) has initiated enforcement measures against digital money lending operators that failed to comply with regulatory requirements. The commission’s spokesperson, Ondaje Ijagwu, announced that the enforcement targets operators who did not regularize their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). The deadline for compliance was set for January 5, 2026.
According to FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, the enforcement measures aim to maintain regulatory certainty in Nigeria’s digital lending market and promote discipline, transparency, and consumer confidence. The commission had provided a compliance window, which has now closed, and is proceeding with enforcement steps in a fair and orderly manner.
As part of the enforcement framework, the commission has withdrawn the conditionally approved status granted to certain digital money lending operators that failed to complete the regularization process. These operators have been removed from the FCCPC’s published register of approved digital lenders pending compliance with applicable regulatory requirements. The register serves as a consumer information tool, guiding the public on operators that have met regulatory requirements.
The FCCPC has also commenced engagement with application hosting platforms and payment service providers as part of ongoing enforcement and compliance monitoring activities. Further regulatory steps will be undertaken in accordance with the law and established procedures. Operators provisionally designated as eligible under transitional arrangements have been given a deadline of April 2026 to regularize their registration under the DEON Regulations.
The commission emphasized that the enforcement process aims to support market discipline, protect compliant operators from unfair competitive practices, and safeguard consumers from abusive or unlawful conduct. Effective regulation depends on consistent application, and compliant businesses deserve a predictable regulatory environment. The FCCPC’s actions are intended to promote a fair and transparent digital lending market, ultimately protecting consumers and supporting the growth of the industry. With the enforcement measures in place, the commission is poised to maintain its regulatory oversight and ensure compliance with the DEON Regulations.
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