Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, announced on Friday the extension of the registration deadline for online money lenders. The new deadline is set for March 27, 2023. This extension aims to accommodate Digital Money Lenders (DMLs) whose registration processes are still ongoing and to prevent significant disruptions in the market.
This marks the third time the FCCPC has postponed the registration deadline since implementing compulsory registration in August 2022. In a statement, Irukera noted that on December 6, 2022, the commission had previously extended the deadline to January 31, 2023, as part of a collaborative effort with the Inter-Agency Joint Task Force. This earlier extension was also intended to ensure the registration of DMLs still in the process and to mitigate potential market disruptions.
The FCCPC has observed that several DMLs have yet to submit all necessary documentation to complete their registration. Consequently, the commission has decided to further extend the registration deadline to Monday, March 27, 2023. Recently, the FCCPC introduced a limited interim regulatory and registration framework for digital lending to address issues such as unethical interest rates, violations of consumer privacy, and other unethical practices by unregulated digital lenders.
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